The Northern Miner May 29 2017 Issue by The Northern Miner Group

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CANADIAN GOLD

Exploring for riches in the Great White North, from coast to coast / 7–16

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Colorado to raise stake in Seabridge’s KSP BC COPPER-GOLD

| Junior readies $4M drill campaign

Top-five Canadian gold hits TNM DATA MINER

| Juniors continue to pull up impressive intercepts BY SALMA TARIKH starikh@northernminer.com

he Northern Miner, using the IntelligenceMine database of our sister company Infomine, has compiled the recent top-five gold intercepts (grade multiplied by width) reported in Canada. The data included diamond drill results released from April 1, 2017, to May 16, 2017, on various-staged projects. The results are uncut, unless stated as true widths. True widths are 65–80% of the drill core length. 1. Osisko Mining, Windfall Lake, Quebec Osisko Mining (TSX: OSK) has been aggressively drilling its wholly owned Windfall Lake gold project in Urban Township, located between Val-d’Or and Chibougamau in Quebec’s Abitibi region. See DRILL RESULTS / 2 PM40069240

At Colorado Resources and Seabridge Gold’s KSP copper-gold property in northwestern British Columbia’s Golden Triangle region, from left: Jim Oliver, chief geologist at Colorado; Brian Butterworth, Hy-Tech Drilling president; and Jeff Kyba, consulting geologist. COLORADO RESOURCES

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BY LESLEY STOKES lstokes@northernminer.com VANCOUVER

olorado Resources (TSXV: CXO) is preparing for a $4-million exploration program this year that should increase its stake in Seabridge Gold’s (TSX: SEA; NYSE: SA) KSP copper-gold property in northwestern B.C.’s Golden Triangle district. The program, comprised of 7,500 metres of drilling at the project’s Inel gold prospect, would bring Colorado’s interest in the 305 sq. km property from 51% to 80%. Seabridge acquired KSP — along with the adjacent Iskut copper-gold property — after buying junior explorer SnipGold for $20 million last June. “The market has improved drastically since we first optioned the property from SnipGold in 2011,”

“THE MONEY IS BACK.” ADAM TRAVIS PRESIDENT AND CEO, COLORADO RESOURCES

Adam Travis, president and CEO of Colorado, tells The Northern Miner during a phone interview. “The money is back and we’re going to do the work that’s necessary to earn 80% in what we believe is the best half of Seabridge’s Iskut property.” Much like Iskut, KSP has the hallmarks of hosting multiple, kilometre-scale porphyry systems at depth, including epithermal gold and silver deposits that extend outwards from the intrusion-related orebodies. Over 100 sq. km of Colorado’s property is covered with a gossanous lithocap, a zone of clay-

silica-iron alteration, which is a product of hydrothermal fluids escaping through the carapace of a porphyry system. The gossan, which carries over 0.1 gram gold per tonne in soil samples, is one of the largest seen in the Golden Triangle, a district that hosts Seabridge’s 10.2 billion lb. copper and 38.8 million oz. gold KSM porphyry camp, and Pretium Resources’ (TSX: PVG; NYSE: PVG) 9.1 million oz. Brucejack epithermal gold deposit. “When you’re looking out at this thing you know there must be a truly impressive engine sitting behind it,” Travis says. “KSP has all the right geology to host another Brucejack or KSM, or both. What we’re controlling is a district, not just a property.” Most of Colorado’s past drilling at KSP has focused on Inel, See COLORADO / 2

COLOMBIA: NEWMONT BUYS BIG PIECE OF CONTINENTAL / 3

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Top-five gold hits DRILL RESULTS From 1

The company has reported encouraging results from its ongoing 400,000-metre program, which includes definition, expansion and exploration drilling on the greater deposit and Urban-Barry project area. It is increasing the drill rigs to 25, from 21. On May 3, Osisko unveiled stellar intercepts from the Caribou corridor. Infill hole 820 returned 2.5 metres (from 617 metres) grading 936 grams gold per tonne (or 2,340 metres × grams gold per tonne). The interval includes a bonanza-grade intercept of 4,620 grams gold over a half-metre. Mineralization has “3% to 4% pyrite in stringers hosted in a strongly bleached andesitic rock,” Osisko says, adding that gold was visible in a carbonate-chlorite vein. Hole 820 is 90 metres east from the previously reported hole 766W1, which hit 5.8 metres of 15.6 grams gold. Osisko plans to update Windfall Lake’s resource this year, before completing a prefeasibility study in the second half of 2018. Construction should begin in 2019, subject to permitting. The project hosts 748,000 indicated oz. (2.76 million tonnes at 8.42 grams gold) and 860,000 inferred ounces (3.5 million tonnes at 7.62 grams gold). 2. Wallbridge Mining, Fenelon project, Quebec Wallbridge Mining (TSX: WM) published results from its first drill program on its wholly owned Fenelon gold property in Quebec, 75 km northwest of the town of Matagami. The assays, released on April 18, surpassed company expectations and confirmed the resource expansion potential on the property. Wallbridge began Fenelon’s exploration drill program this March. To date, it has drilled nine holes totalling 1,573 metres. Five of these holes

hit significant gold mineralization, with drill hole 7 returning the best intervals. Hole 7 intersected three mineralized zones, including 7.1 metres (from 122 metres) of 149.1 grams gold (or 1,053 metres × grams gold per tonne), with a higher-grade sub-interval of 3.7 metres of 281.30 grams gold. The gold grades are uncapped. Wallbridge notes it will resume drilling once the wet spring conditions subside. Earlier this year, the company tabled a positive prefeasibility study on how it could mine the known reserves within 100 metres from surface and near the existing ramp for an initial 18-month mine life. Estimated initial construction costs are $5.2 million. The junior expects to make a bulk sample and production decision later this year. On May 16, Wallbridge raised $1 million in the first tranche of a non-brokered private placement to help fund its exploration efforts. 3. Barkerville Gold Mines, Cariboo project, British Columbia Barkerville Gold Mines (TSXV: BGM) is carrying out a 130,000-metre, phase-two Island Mountain exploration and delineating drill program at its f lagship Cariboo gold project near Quesnel, British Columbia. The program aims to determine the extent of the historically unexplored vein systems, as well as find vein systems and sulphide replacement deposits that will form a maiden resource estimate at Island Mountain. On April 17, Barkerville reported hitting high-grade stockworks at the Island Mountain Shaft Zone. Drill hole 72 discovered a “network of high-tenor veining” of 54.4 metres grading 19.2 grams gold (or 1,044.5 metres × grams gold per tonne). The interval included 30.7 metres of 32.06 grams (or 984 metres × grams gold per tonne), plus other

CANADIAN MINING HALL OF FAME Call for nominations for January 2018 induction

Nominations for induction into the Hall of Fame may be made by individuals, firms or organizations but must be submitted through one of the Hall of Fame’s Member or Associate Member Organizations, listed below. CRITERIA FOR SELECTION Candidates must be individuals who have demonstrated outstanding lifetime achievements to the benefit of the Canadian and/or world mineral industry in one of the following categories: • Exploration • Supporting Contribution • Building the Corporation

• Mining in Society • Technical Contribution

Whether the benefit is to the Canadian and/or world minerals industry, there must have been a flow−back of significant benefit to Canada. June 1, 2017 – is the recommended deadline for contacting a member organization about submitting a nomination. June 30, 2017 – deadline for nominating material to be delivered to the member organization for review. January 11, 2018 – 30th Annual Induction Ceremony

Drillers at Barkerville Gold Mines’ Cariboo gold project in British Columbia. BARKERVILLE GOLD MINES

high-grade hits, such as 760 grams gold over 0.9-metre and 272 grams gold over half a metre. The Cariboo project also hosts the Cow and Barkerville Mountains. The company plans to start underground production at the Bonanza Ledge mine on the Barkerville Mountain deposit in the third quarter of 2017. It will process the material at the company’s QR milling facility, 110 km south. The Bonanza Ledge mine is permitted to produce up to 150,000 tonnes per day and has an initial three-year mine life, with the BC Vein expected to increase this. 4. Alexandria Minerals, Orenada project, Quebec Alexandria Minerals (TSXV: AZX; US-OTC: ALXDF) published promising assay results from its Orenada property in Val d’Or, Que. On May 10, it highlighted stepout hole 100 — drilled below the open pit at Zone 4 — and cut several high-grade gold veins and their associated alteration envelopes between 39.3 metres and 256 metres deep, intersecting 217 metres of 2.84 grams gold (or 1,044.5 metres × grams gold per tonne). The interval included other high-grade assays,

such as 13.9 metres of 9 grams gold, including 5 metres of 16.23 grams gold and 15.4 metres of 6.29 grams gold. Hole 100 has returned the best results to date at Zone 4. It increased the gold mineralization strike length west of the current resource and deepened it 100 metres — to 256 metres deep. Alexandria is waiting for assay results from 22 holes, including 10 step-out holes west of the pit. The recently completed holes at Zone 4 are from the company’s initial round of drilling to test for south-dipping veins, with focus on the upper 250 metres of depth. The 11,000-metre winter program includes infill drilling the current resource area and step-out drilling west and east of the current resources. In 2009, the company completed a resource estimate on Orenada zone 2 and 4 that indicated a nearsurface deposit less than 250 metres deep, with 361,395 oz. gold in measured and indicated resources and a 175,596 oz. inferred resource. 5. TomaGold and Iamgold, Monster Lake project, Quebec TomaGold (TSXV: LOT) and Iam-

Colorado to raise stake in KSP COLORADO From 1

a historic gold showing located 15 km southeast of Skeena Resources’ (TSXV: SKE; US-OTC: SKREF) historical 1 million oz. Snip gold mine. Colorado drilled over 7,800 metres last year — its largest drill program at KSP — targeting Inel’s Discovery and AK zones, which were explored in the 1980s and early 1990s, with 17,500 metres of drilling from 1,240 metres of underground drives. The company delivered results up to 165.5 grams gold over 1 metre, confirming the historical high-grade intercepts, but also found broad halos of lower-grade gold mineralization measuring 99 metres of 2.11 grams gold, with most of the gold in a 1-metre subinterval grading 138 grams gold. “We started where previous

“KSP HAS ALL THE RIGHT GEOLOGY TO HOST ANOTHER BRUCEJACK OR KSM, OR BOTH. WHAT WE’RE CONTROLLING IS A DISTRICT, NOT JUST A PROPERTY.” ADAM TRAVIS PRESIDENT AND CEO, COLORADO RESOURCES

explorers left off, and everything we’ve seen suggests that we’re just scratching the tip of the iceberg at Inel,” Travis says. The 2016 drilling tested a 300by 600-metre area within a 1 by 1.5 km soil geochemical anomaly that averages 1.27 grams gold. The rest of the soil anomaly, which holds nine target areas, is largely untested. To add to the project’s potential, induced polarization geophysical

Further information and a nomination form is available at: www.mininghalloffame.ca

MEMBER ORGANIZATIONS: • Canadian Institute of Mining, Metallurgy and Petroleum • Mining Association of Canada • Prospectors and Developers Association of Canada • The Northern Miner

ASSOCIATE MEMBER ORGANIZATIONS: • Association for Mineral Exploration British Columbia • Mining Association of British Columbia • Ontario Mining Association • Quebec Mining Association • Saskatchewan Mining Association

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gold (TSX: IMG; NYSE: IAG) are advancing the Monster Lake gold project, 50 km southwest of Chibougamau, Quebec. On May 11, TomaGold and Iamgold reported assay results from the first 11 holes (5,100 metres) that Iamgold drilled at Monster Lake. The results are part of the 24-hole program, totalling 10,657 metres, completed recently. Hole 194 intersected 3.1 metres of true width grading 121.67 grams gold (or 377 metres × grams gold per tonne) from 339 metres. The interval included 1.1 metres of 316.9 grams gold. Another interesting hole returned 4.4 metres of true width grading 5.21 grams gold, including 1.3 metres of 15.99 grams. The partners should release the rest of the results shortly. They project completing a maiden resource estimate by year-end. TomaGold holds 45% of Monster Lake, while Iamgold has a 50% interest and an option to increase its stake to 75% by spending another $10 million on the project over seven years, starting from 2015. Junior Quinto Real Capital (TSXV: QIT) owns the remaining 5% interest. TNM

surveys, completed by Colorado last year, defined a chargeability high that extends to the west from previous drilling. “The data suggests there’s a potentially large sulphide-bearing system to the west where there’s a contact with an intrusive, so we’ll focus on that area in drilling this year,” Travis says. “When you’re working in the Golden Triangle, everyone expects you to drill a discovery hole like hole 109 at Eskay Creek,” he says. (Hole 109 delivered 208 metres of 27.2 grams gold, 30.3 grams silver, 1.1% lead and 2.3% zinc.) “But it’s important to remember there were 108 holes completed before that. I don’t think the public has a full appreciation of how mines are made. It takes time and a lot of hard work, but in a district like this, persistence certainly pays off.” Colorado shares have traded in a 52-week range of 18¢ to 71¢, and closed at 27¢ at press time. The company has 96.3 million shares outstanding for a $24.6-million market capitalization. TNM

2017-05-25 9:50 AM

GLOBAL MINING NEWS

THE NORTHERN MINER / MAY 29–JUNE 11, 2017

Newmont takes 19.9% stake in Continental Gold COLOMBIA

| Major drawn to multimillion-ounce Buritica gold project

BY TRISH SAYWELL

tsaywell@northernminer.com

n what will be Newmont Mining’s (NYSE: NEM) first investment in Colombia, the gold and copper producer is plunking down US$109 million for a 19.9% stake in Continental Gold (TSX: CNL) to get a piece of the junior’s high-grade, fully permitted Buritica gold project. Newmont’s foray into the South American nation follows the company’s decision in March to get its first toehold in the Yukon, where it is investing an initial US$39.5 million in Goldstrike Resources (TSXV: GSR), a junior that owns the Plateau gold project. Under the deal with Continental Gold, Newmont has agreed to buy 37.4 million shares in a nonbrokered private placement at $4 per share — a 46% premium to Continental’s closing share price the day before the investment agreement was announced. Gary Goldberg, Newmont’s president and CEO, said in a press release that Newmont is “impressed with the quality of the deposit, the caliber of the management team, the community’s support for the project and the prospects for future growth.” Concurrently with the Newmont investment, RK Mine Finance Master Fund I Ltd., also known as Red Kite, bought 8.59 million shares at the same price per share for a 4.6% stake, generating proceeds for Continental of US$25 million. (Red Kite had committed to the investment previously as part of a larger debt-financing package.) Buritica is on track to pour its first gold in early 2020, and Continental Gold says it can capitalize on Newmont’s experience to kick off formal construction later this year. Newmont and Continental will also form joint-management technical, exploration and sustainability committees, and the major will get one seat on the junior’s board of directors. In addition, the companies will form a strategic alliance to evaluate partnership opportunities on Continental’s other properties in Colombia. Newmont’s deep experience in South America makes it a great partner for Continental, the junior says. Newmont operates the continent’s largest gold mine — Yanacocha, in Peru — which started commercial production in 1993, along with the Merian gold mine in Suriname.

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A MacLean Engineering scissor lift at Continental Gold’s Buritica gold project in Colombia. CONTINENTAL GOLD

Newmont’s Merian mine achieved commercial production in October 2016, on time and $150 million below budget, and the company expects it will deliver more than a decade of profitable production. South America accounts for 8% of Newmont’s attributable gold production (not including anticipated production from Merian in 2017), and the region contains 9% of the company’s gold reserves. Continental says it is now fully funded to build an underground mine at Buritica for US$389 million. A feasibility study released in February 2016 envisioned that the capex could be paid back in 2.3 years in a base-case scenario, using a US$1,200 per oz. gold price and US$15 per oz. silver price. The mine is expected to produce 3.49 million recovered oz. gold and 6.43 million oz. silver over a 14year mine life. Life-of-mine annual production will average 253,000 oz. gold and 466,000 oz. silver. Continental says total cash costs of US$411 per oz. gold, including silver credits, will put Buritica in the lowest cash-cost quartile globally. Life-of-mine average operating costs are expected to come in at US$111.59 per tonne milled, including royalty, doré transport and refining charges. Buritica’s maiden reserve for the project’s Yaragua and Veta Sur veins totals 3.7 million oz. gold and 10.7 million oz. silver in 13.7 million tonnes grading 8.4 grams gold per tonne, and 24.3 grams silver per tonne. The study estimated the basecase, after-tax net present value at a 5% discount rate of US$0.9 billion, and a 31.2% post-tax internal rate of return. “We’re always looking for opportunities and assets that will fit our profile in the sense that they are efficient, long-life, low cost and have low or manageable risk,” Newmont’s group executive of corporate communications Omar Jabara says. “We feel that Buritica fits those criteria quite nicely. Continental has a good, strong management team — they’ve done a good job of bringing this project along to this point — and we look forward to playing a role in supporting them and bringing our project-development expertise

and success to help further advance Buritica and achieve commercial production.” Jabara adds that Continental has held Buritica since 2007 and the project “has good support from the local community,” and that the company employs nearly 200 people in the area. At the end of April, Continental updated investors on the project, noting that since getting a seniorsecured debt facility in January, management has been ordering long lead time equipment and hiring key project personnel ahead of major earthworks scheduled later this year. The company has completed the first phase of a 6 km access road connecting Buritica to the future plant and infrastructure site in the Higabra Valley. The second phase of the access road, which will upgrade it to accommodate plant and infrastructure equipment deliveries, is expected in the fourth quarter. Clear-cutting sites in the Higabra Valley to accommodate the plant and surrounding infrastructure is 55% complete, management said, and should be finished in the fourth quarter. Site excavation is scheduled to start in the third quarter, followed by initial concrete pours in the fourth quarter. This work will be completed by the end of 2018. About 30% of the underground mine development equipment is expected to arrive in the third quarter. Continental also said that beginning in the third quarter, two mechanized long-hole stopes — each measuring 25 metres along strike by 15 metres high — will be mined in sequence nearly 30 metres vertically in the Hanging Wall vein. The company says the extraction of more trial mining stopes this year and additional long-hole stopes planned during the construction phase will help train employees, while providing reserve reconciliation data with actual mining results. Last year, the company reported that two side-by-side mechanized long-hole stopes found twice the gold grade and twice the ounces of gold when reconciled with the mineral resource model.

A road under construction in April 2017 at Continental Gold’s Buritica gold project in Colombia. CONTINENTAL GOLD

Meanwhile, Continental says it will resume exploration drilling in the second quarter with a minimum 12,000-metre drill program. The drill program will be the company’s first in the last two years. The Buritica project encompasses an aggregate area of 699.8 sq. km in northwestern Colombia’s Antioquia Department. It is located in the middle Cauca belt and is a twohour drive on the Pan-American highway from Medellin, Colombia’s second-largest city. News of Newmont’s investment

sent Continental’s shares up 32.5% to $3.63 in mid-afternoon trading. The company has traded in a 52-week range of $2.32 per share to $5.75 per share. It has 142 million shares outstanding for a $515-million market capitalization. In a research note, Brian Quast of BMO Capital Markets said Newmont’s strategic investment is “positive” and “a major vote of confidence for Buritica.” The mining analyst kept his “outperform” rating on the stock and gave a $6.50-per-share target price. TNM

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E D I T O R IA L

Canadian miners knock it out of the park in London CONFERENCE

| Auspicious start for TNM’s inaugural Canadian Mining Symposium

he Northern Miner, in association with the Prospectors & Developers Association of Canada, set out to shine a spotlight on Canada’s mining industry for European and U.K. investors with our inaugural Canadian Mining Symposium held at the Canada House in London, U.K., on May 9. And as our team returns from BY JOHN CUMMING jcumming@northernminer.com across the pond and we get feedback from participants, we’re finding wide agreement that it was a top-quality event filled with memorable discussions and plenty of new contacts and business leads. Canada House itself proved an exceptional locale for such a meeting, with its central location, superb décor, airport-level security and extremely helpful and gracious staff, who are genuinely enthusiastic about fulfilling their mandate to promote Canadian business overseas. About 200 high-level executives and investors attended — a good number from London, but many also flying in from around the globe. Jim Carr, Canada’s Minister of Natural Resources, welcomed attendees to Canada House via a video greeting, while Janice Charette, Canada’s High Commissioner to the U.K., and Glenn Mullan, president of the Prospectors & Developers Association of Canada, opened the day’s events in person. Our marquee speakers delivered thought-provoking interviews, startinmg with Barrick Gold president Kelvin Dushnisky, who told moderator Bill Whitelaw, executive vice-president at Glacier Media, that Barrick in past years had “lost its way in some senses” by “chasing production and the number of ounces, rather than the quality of ounces,” and having too high a debt. He said Barrick’s restructuring over the past two and a half years has “returned discipline back into the business.” Most importantly, he said, Barrick has returned to a streamlined, decentralized operating model that has been “very effective.” Northern Miner publisher Anthony Vaccaro presented Ivanhoe Mines executive chairman and founder Robert Friedland with a Lifetime Achievement Award, and then sat down with the mining mogul to get his views on future demand for metals. Friedland said it will be shaped by increasing demand for clean air and water, especially in urban areas, “which is very good for certain raw materials” such as vanadium, scandium, cobalt, nickel, copper, spherical graphite, lithium, aluminum and what he calls the “king of all metals,” copper. “We have to think about what a 10% drop in demand for oil will mean for the price of oil,” Friedland said. “We’re in an era of very fundamental and very profound change.” Cars and trucks and trains are going to be made out of aluminum alloys that are cheap and easy to recycle, and that, he said, will be “not so good for iron ore.” Friedland sees disruptive technology coming to mining, such as traditional, energy-intensive milling being replaced with electromagnetic pulse technology that would consume 1% of the energy. “What a great time to be alive, to change mining and reperceive it.” Lukas Lundin, chairman of the Lundin Group of Companies, sat down with moderator Gianni Kovacevic, executive chairman of CopperBank, for a freewheeling talk on the wide range of commodities being pursued by Lundin-linked companies. “As I grew up, oil was always a question of supply, but now it’s a question of demand … and oil may slow down a bit,” Lundin said. “But base metals are probably going to remain strong, especially copper, if you think about all these electric cars. Base metals are a good space to be in.” The diamond mining business, Lundin said, is “very complicated and I don’t know much about it,” and described his success with Lucara Diamond as having been “a bit of luck.” Barrick’s Dushnisky returned to the stage in the afternoon with Goldcorp CEO David Garofalo to discuss how Canadian best practices are moving abroad with moderator Greg Huffman, managing director and global head of mining sales at Canaccord Genuity. Garofalo emphasized that miners need to drastically reduce their water usage if they are to retain local stakeholder approval for mining operations, particularly where they may negatively impact local agriculture. During two panel sessions, Rob McEwen executive chairman and “chief owner” of McEwen Mining argued for the virtues of making shareholder value the primary concern for gold mining companies. “There’s a discipline that’s not in the marketplace in the mining industry, and that is insider ownership of shares,” McEwen said. “Too many management teams have too little invested in their company to guide appropriate growth.” TNM

DEPARTMENTS Editorial. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Events. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Metal Prices. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19

Professional Directory. . . . . . . . . . . . . . . . . . . . 17 Stock Tables. . . . . . . . . . . . . . . . . . . . . . . . . . 18-22

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O P- E D

Agnico Eagle Mines . . . . . . . . . . . 7,11,12,16 Alexandria Minerals. . . . . . . . 2 Anglo American. . . . . . . . . . . . 5 Arizona Mining. . . . . . . . . . . 23 Asanko Gold. . . . . . . . . . . . . . . 6 Atac Resources. . . . . . . . . . . . 12 Barkerville Gold Mines. . . . . . 2 Barrick Gold. . . . . . . . . . 9,12,13 Canadian Orebodies. . . . . . . . 3 Colorado Resources . . . . . . . . 1 Continental Gold. . . . . . . . . . . 3 Eastmain Resources. . . . . . . . 14 Eldorado Gold. . . . . . . . . . . . . 7 Goldcorp. . . . . . . . . . . . 12,14,15 Goldstrike Resources . . . . . 3,16 Gowest Gold. . . . . . . . . . . . . . 13

GT Gold . . . . . . . . . . . . . . . . . 10 Harte Gold . . . . . . . . . . . . . . . 13 Iamgold. . . . . . . . . . . . . . . . . 2,15 Integra Gold. . . . . . . . . . . . . . . 7 Kenorland Minerals. . . . . . . .11 Kinross Gold. . . . . . . . . . . . . . 16 Marathon Gold. . . . . . . . . . . . . 9 New Gold . . . . . . . . . . . . . . . . 15 Newmont Mining . . . . . . . . 3,16 NexGen Energy. . . . . . . . . . . 11 Nighthawk Gold. . . . . . . . . . . . 9 Northern Dynasty Minerals. . . . . . . . . . . . . . . . . 5 Northern Sun Mining. . . . . . 13 NxGold. . . . . . . . . . . . . . . . . . 11 Osisko Mining. . . . . . . . . 1,7,12 Planet Mining

Exploration . . . . . . . . . . . . . 15 Primero Mining. . . . . . . . . . . 13 Probe Metals. . . . . . . . . . . . . . . 9 Quinto Real Capital. . . . . . . 2,15 Rio Tinto. . . . . . . . . . . . . . . . . . 5 Sage Gold . . . . . . . . . . . . . . . . 13 Seabridge Gold. . . . . . . . . . . . . 1 Skeena Resources. . . . . . . . . . . 2 Skyharbour Resources . . . . . 15 South32. . . . . . . . . . . . . . . . . . 23 TomaGold. . . . . . . . . . . . . . . 2,15 Visible Gold Mines . . . . . . . . 16 Wallbridge Mining. . . . . . . . . . 2 White Gold. . . . . . . . . . . . . 12,16 Yamana Gold . . . . . . . . . . . . 6,12

Jean Descarreaux examines an outcrop in Quebec circa 2007. SUPPLIED

Jean Descarreaux, a Quebec mining icon OBITUARY

| Leader in creating mineral exploration entrepreneurship in Quebec

BY PHILIPPE CLOUTIER Special to The Northern Miner

he Quebec mineral exploration community marks the passing of Jean Descarreaux, who has been a monumental inspiration and mentor for generations of geologists and mineral exploration entrepreneurs in Quebec. He died on March 20 in Gatineau, Que., at age 76. Descarreaux was a graduate of the University of Montreal (B.Sc. in 1964 and M.Sc. in 1967) and earned a PhD from Université Laval in 1973, with a thesis on the geochemistry of the Abitibi’s volcanic rocks. His consulting career spanned over 50 years and provided exploration and business-development expertise to prospectors, junior exploration and major mining companies, as well as governments in Canada and abroad. As such, he participated in several base metal and gold discoveries, including the Golden Pond and Estrades deposits in Quebec’s Casa Berardi region.

the first chairman for the Université du Québec in AbitibiTémiscamingue, a director of the Prospectors & Developers Association of Canada, a director of the Mineral Exploration Research Institute of the University of Montreal and McGill University, and more recently a director of Quebec mineral exploration fund SIDEX. Annually, the AEMQ now offers the Jean Descarreaux Award to

DESCARREAUX CONVINCED PREMIERS RENÉ LÉVESQUE AND JACQUES PARIZEAU TO ADAPT LEGISLATION THAT WOULD ENABLE FLOW-THROUGH SHARES FOR MINERAL EXPLORATION IN QUEBEC. The geoscience community rewarded Descarreaux many times for his fundamental research on the application of lithogeochemistry as a prospecting tool and for his help in developing mining entrepreneurship in Quebec. Descarreaux was the founding president of Claude Resources in 1980 and cofounder of Cartier Resources, as well as a collaborator in the development of several exploration companies. He was at the forefront of issues challenging the minerals industry and held positions in public bodies connected to the industry. He instigated f lowt hroug h sha res for mi nera l exploration in Quebec by convincing former premiers René Lévesque and Jacques Parizeau to adapt legislation that would enable this proactive fiscal incentive. He was a cofounder of the Quebec Prospectors Association (now the Quebec Mineral Exploration Association [AEMQ]),

an individual whose research and publications have helped increase geoscientific knowledge relating to mineral exploration and led to increased exploration activity. On learning of Descarreaux’s passing, a group of mining and exploration companies formed a scholarship fund in his homage: the Dr. Jean Descarreaux Foundation. It will reward students of the University of Quebec in Abitibi-Témiscamingue annually for their success in establishing new generations of economic developers in the mineral exploration industry. Descarreaux was a quiet man, a visionary who led many battles with passion, conviction and determination. His contribution to Quebec’s progress in matters of mineral exploration is monumental. — Philippe Cloutier, P.Geo., is president and CEO of Cartier Resources, and a director of the Association de l’exploration minière du Québec.

2017-05-25 9:50 AM

GLOBAL MINING NEWS

THE NORTHERN MINER / MAY 29–JUNE 11, 2017

Northern Dynasty Minerals’ Pebble copper-gold deposit, 321 km southwest of Anchorage, Alaska. NORTHERN DYNASTY MINERALS

Northern Dynasty, EPA settle dispute over Pebble

ALASKA

| Northern Dynasty to resume permitting at Pebble in Alaska, seeks new partners “BY THE END OF THE YEAR, WE EXPECT TO SUBMIT THE INITIAL DOCUMENTATION NEEDED AND HAVE A PARTNER STANDING BY OUR SIDE.”

BY LESLEY STOKES lstokes@northernminer.com VANCOUVER

orthern Dynasty Minerals (TSX: NDM; NYSE-MKT: NAK) and the U.S. Environmental Protection Agency (EPA) have ended their longstanding dispute over the federal agency’s decision to block development of the company’s Pebble copper-gold deposit, 321 km southwest of Anchorage, Alaska. The settlement allows the Pebble Ltd. Partnership, a subsidiary of Northern Dynasty, to restart the permitting process, but it does not guarantee that any proposed mine (which is located at the headwaters of the world’s largest sockeye salmon fishery) would win approval. In return, Northern Dynasty would withdraw its two lawsuits against the EPA, saving the agency from “time-consuming and costly litigation,” Scott Pruitt, the Trump-appointed administrator of the EPA, said in a recent press release. For Northern Dynasty’s president and CEO, Ron Thiessen, the resolution is a “spectacular achievement.” “This agreement provides us the runway to an environmental impact study, and that’s the document everyone needs to make a rational decision on whether to proceed with development,” he tells The Northern Miner during a phone interview. “By the end of the year, we expect to submit the initial documentation needed and have a partner standing by our side.” The project has been stuck in legal limbo since February 2014, when the EPA enacted subsec-

RON THIESSEN PRESIDENT AND CEO, NORTHERN DYNASTY MINERALS

Scott Pruitt, administrator of the U.S. Environmental Protection Agency.

tion 404c of the Clean Water Act, claiming that mining at Pebble would cause “significant near- and long-term risk to salmon, wildlife and Native cultures of Alaska.” The agency’s decision was based on data presented in its Bristol Bay Watershed Assessment (BBWA) — a US$5-million report that contemplated a number of mining scenarios — rather than Northern Dynasty’s US$115-million, peer-

reviewed environmental baseline study. “The EPA’s report assumed a mining design that was not of our making, and assumed maximum environmental damage,” Thiessen argues. “If an anti-aircraft group designed an airplane and accused Boeing of wanting to build one, it wouldn’t be fair if the Federal Aviation Administration prohibited Boeing from building airplanes. We believe that’s what happened to us. All we’re after is a fair permitting process built on our own design.” Thiessen says the company may propose a smaller operation than the ones initially presented in the project’s 2011 preliminary economic assessment (PEA). T h at PE A c ont e mpl at e d a 200,000-tonne-per-day operation over 25-, 45- and 75-year mine lives, each with US$4.7 billion in capital expenses. The 75-year mining scenario would result in the mining of 5.9 billion tonnes of ore grading 0.5% copper, 0.31 gram gold per tonne and 0.024% molybdenum, and have a US$6.8-

billion pre-tax net present value, and a 14.5% pre-tax internal rate of return. “Our PEA was never meant to be final engineering,” Thiessen continues. “The great thing about Pebble is — given its size, scale and location — it has a lot of optionality. At the west end of the deposit you can mine for a dozen years without hardly any waste, whereas in the east, you can sink a shaft and take 1–2% copper equivalent out, and there will be no waste. We’ll be looking at a smaller footprint, and we’ll have far more environmental safeguards than what was presented in the EPA’s report.” As per the agreement, Northern Dynasty must file permit applications in the next 30 months, and the U.S. Army Corps has four years to file their environmental impact statement (EIS) on the project.

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The EPA would then decide whether Pebble should proceed with development using the results of the EIS, and not the BBWA. Thiessen says his company is now in discussions “with a number of potential partners,” and could form a consortium to develop the mine. One-time partners Rio Tinto (NYSE: RIO; LON: RIO) and Anglo American (US-OTC: AAUKF; LON: AAL) each backed out of the controversial project several years ago. “We’re completely financed for this year, but we aren’t financed for permitting, and that’s why we’re looking for a partner,” Thiessen says. “We have a lot of potential partners looking at a number of different mining alternatives at Pebble, and any of them could come on at any moment.” TNM

2017-05-17 9:11:46 AM

2017-05-25 9:50 AM

WWW.NORTHERNMINER.COM

MAY 29–JUNE 11, 2017 / THE NORTHERN MINER

Asanko turns to profit in Q1, eyes production growth GHANA

| Feasibility study to expand Asanko mine expected soon BY SALMA TARIKH starikh@northernminer.com

Asanko Gold’s Nkran open-pit gold mine in Ghana. ASANKO GOLD

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Ghana-focused miner Asanko Gold (TSX: AKG; NYSE-MKT: AKG) has swung back into the black with 2017 first-quarter earnings of US$7.8 million, or US4¢ per share, beating average analysts’ expectations of a cent per share. “We had a strong start to the year with a record quarterly production of 58,187 ounces. And, importantly, we have returned to positive earnings,” Peter Breese, the company’s president and CEO, said on a recent conference call. Asanko recorded a US2¢-per-share loss in the fourth quarter of 2016. During the three months ended in March, the producer sold 57,812 oz. from its Asanko gold mine in Ghana, which entered commercial production last April. It generated US$69.3 million in revenue at an average realized gold price of US$1,199 per ounce. All-in sustaining costs, however, moved up to US$956 per oz. from US$893 per oz. in the previous quarter, as Asanko accelerated the tailings dam lift. The lift started a quarter ahead of schedule because the plant has been running 20% above design for the second quarter, Breese noted, adding that the “sustaining capex has impacted our all-in sustaining costs for the quarter.” Cash provided by operating activities before working capital changes was US$28.8 million, or US14¢ per share, ahead of the consensus analyst estimates of US11¢ per share. While analysts applauded the decent quarter, many are waiting for Asanko’s new life-of-mine plan and expansion feasibility study. “It is difficult to benchmark performance in the absence of a more detailed mine plan based on current reserves. As a result, we expect delivery of the expansion feasibility, scheduled for this quarter, to be a catalyst,” BMO analyst Andrew Breichmanas writes. An updated 2017 reserve statement shows that the 11 deposits at the Asanko mine host 96.2 million tonnes at 1.58 grams gold per tonne for 4.88 million ounces. The company has largely been mining the Nkran deposit to feed the 3-million-tonne-per-year plant that is operating at 3.6 million tonnes a year. The mine is on track to churn out 230,000 to 240,000 oz. gold in 2017, with Asanko aiming to reach

450,000 oz. per year by 2020. It plans to achieve that by bringing the Esaase deposit — which hosts more than half of reserves, into production, while improving the current plant infrastructure over two stages. The first stage, dubbed Project 5 Million, will expand the plant from the current 3.6 million to 5 million tonnes per year. Estimated capital costs are between US$25 million and US$30 million, with Asanko aiming to fund this internally. “Construction work on Project 5 Million began in April and is ahead of schedule,” Breese said, noting that commissioning should start in late 2017. As a result, this should lead to higher production of 270,000 to 300,000 oz. a year in 2018, and lower all-in sustaining costs. The executive said building the conveyor belt at Esaase will take 18 months and cost up to US$110 million. As Asanko prepares to bring Esaase online in 2019, it will feed the upgraded plant with ore from the Nkran deposit and satellite deposits. Following regulatory approvals and drilling success the company accelerated its plan to mine Akwasiso in June 2017, instead of early 2018. Mining at the Dynamite Hill deposit should start in the first quarter of 2018. Given Nkran’s history of “pit wall failures,” the company has developed a 1.6-million-tonne stockpile and introduced measures “to predict events and mitigate production disruptions,” Raymond James analyst Chris Thompson writes. The second expansion stage, named Project 10 Million, will double the plant capacity to 10 million tonnes a year with a 5-milliontonne-per-year carbon-in-leach plant. At that time, the company expects to increase mining at Esaase to 7 million tonnes a year, with the other 3 million tonnes coming from Nkran and the surrounding pits. Estimated costs for this expansion stage is US$210 million to US$220 million. Asanko, which plans to fund both expansions internally, cautions it may delay Project 10 Million until it generates enough liquidity. Asanko ended the quarter with US$48 million in cash and US$156 million in debt. It received another US$10.6 million in gold sales and US$15 million from value-added tax receivables after the quarter ended, Thompson writes. TNM

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The conveyor route from Asanko Gold’s Esaase gold deposit to the processing plant in Ghana. ASANKO GOLD

2017-05-25 9:50 AM

SPECIAL FOCUS

CANADIAN GOLD Probe Metals’ Val-d’Or East gold property in Quebec. PROBE METALS

Osisko Mining expects winnings from Windfall GOLD

Eldorado eyes the Abitibi with $590M Integra deal

| Aggressive drill program, new geological thinking reap results

M&A

| Mid-tier miner dives into famed camp

BY TRISH SAYWELL tsaywell@northernminer.com

BY MATTHEW KEEVIL mkeevil@northernminer.com VANCOUVER

sisko Mining’s (TSX: OSK) 400,000-metre drill program at its Windfall project in Quebec should lead to a resource update before year-end, a feasibility study and permitting in 2018, and construction in 2019, president and CEO John Burzynski announced at The Northern Miner’s Canadian Mining Symposium in London. “We could pour gold as early as 2020,” Burzynski said during a presentation at the one-day mining event at Canada House on May 9. “It’s an aggressive time frame … we’ve got an aggressive program, with lots of drills and more drills coming.” Twenty-two drill rigs are turning at the project and Osisko will have 25 rigs by the start of June, in what is easily the largest drill program on any one deposit in Canada, and arguably the largest anywhere in the world. “We started with a 50,000-metre drill program in October 2015, increased that to 100,000, and then to 150,000 and last December we added 250,000,” Burzynski said. “You’ll likely see us increasing that drill program again because all the current metres are going within the main deposit, and outside the main deposit we have another proximate 3,300 sq. km that has similar exploration potential.” The company consists of essentially the same management team, engineers and geologists, as well many of the same directors, who were responsible for putting the Canadian Malartic mine into production — the largest gold mine in Canada. The mine moved from first drill hole to first gold pour in a little over six years, but was taken over in a bidding war that culminated in a $4-billion offer from Agnico Eagle Mines (TSX: AEM; NYSE: AEM) and Yamana Gold (TSX:YRI; NYSE: AUY) in 2014. Today’s Osisko wants to repeat the success it had at Canadian Malartic and become an intermediate mining company. Since acquiring its flagship Windfall project from Eagle Hill Resources two years ago, it has expanded the project’s footprint from its predecessor’s November 2014 resource estimate. That estimate outlined an indicated resource of 748,000 oz. (2.76 million tonnes grading 8.42 grams gold per tonne) and an inferred resource of 860,000 ounces (3.51 million oz. grading 7.62 grams gold per tonne). “You’ll often hear me say that we believe we have a footprint for a 3 million oz. deposit,” Burzynski said. “We have a tremendous system here.” Windfall is 200 km northeast of Val-d’Or and 115 km east of the town of Lebel-sur-Quévillon, and lies within the Urban-Barry greenstone belt in the eastern part of the Abitibi subprovince. The greenstone belt has an east–west extent of 135 km and is 4 to 20 km wide. The wholly owned project is one of the highest-grade, resource-stage gold projects in Canada. Most min-

1-16, 23_MAY29_Main .indd 7

Osisko Mining president and CEO John Burzynski addresses delegates at The Northern Miner’s Canadian Mining Symposium in London in May. PHOTO BY MARTINA LANG

eralization occurs in the main zone, a southwest-to-northwest-trending zone of stacked mineralized lenses measuring 600 metres wide and at least 1,400 metres long. The deposit is well defined from surface to 500 metres deep, and remains open along See OSISKO / 8

“YOU’LL OFTEN HEAR ME SAY THAT WE BELIEVE WE HAVE A FOOTPRINT FOR A 3 MILLION OZ. DEPOSIT. WE HAVE A TREMENDOUS SYSTEM HERE.” JOHN BURZYNSKI PRESIDENT AND CEO, OSISKO MINING

ldorado Gold (TSX: ELD; NYSE: EGO) is set to establish a Canadian foothold with a cash-and-share bid for Integra Gold (TSXV: ICG; US-OTC: ICGQF) and its historic Lamaque gold project in Val-d’Or, Quebec. Integra investors will have an option to receive $1.2125 per share in cash, Eldorado shares or a combination of both. The offer equates to a 46% premium to Integra’s 20day, volume-weighted average price. The total transaction value is $590 million and Integra shareholders could own up to 10% pro-rata equity interest in the combined company. The maximum cash payable by Eldorado would be $129 million, or 25% of the total consideration. Lamaque hosts indicated resources of 5.1 million tonnes grading 9.13 grams gold per tonne for 1.5 million contained oz., and 3.5 million inferred tonnes at 7.94 grams gold for 897,000 contained ounces. The resource estimates assume a 5 gram gold cut-off grade. Integra acquired the Sigma-Lamaque mill in late 2014. Lamaque historically produced 4.5 million oz. and was last in operation in 2012. The Sigma mill has a 2,400-tonne-per-day throughput capacity with a crush, grind and carbon-in-leach circuit. See ELDORADO / 14

Canada’s Next Gold Camp Over 240 sq. km to explore in Newfoundland 2.1 Million Ounces of Open Pit & Underground Gold Resources $20 Million to be spent on the largest exploration program in the history of Valentine Lake Gold Camp

TSX: MOZ

1 (416) 987-0714 chaldane@marathon-gold.com www.marathon-gold.com

2017-05-25 9:50 AM

CANADIAN GOLD

MAY 29–JUNE 11, 2017 / THE NORTHERN MINER

WWW.NORTHERNMINER.COM

Osisko Mining expects winnings from Windfall

Workers in the core shack at Osisko Mining’s Windfall Lake gold project in Quebec. OSISKO MINING OSISKO From 7

strike and at depth. Mineralization has been found 30 metres from surface in some areas and as deep as 870 metres in others, with potential to extend mineralization up and down-plunge, and at depth. Burzynski noted that previous operators at the Windfall property — including Osisko Mining, when it started working on the project — had assumed it was another classic shear-hosted vein deposit, but it’s not. This revelation came in mid2016, while the company was relogging 180,000 metres of core from prior operators, and had started its own drilling. “Very much like Canadian Malartic was a brand-new deposit style … this is a brand-new model,” the mining executive said. “There is no corollary in the Archean that we are aware of. It’s an intrusive-hosted, pyrite gold stockwork. There are veins associated with the deposit, but those are later mobilizations of later generations of porphyries.”

Once Osisko realized that it was an intrusive event, there were two implications, he said. First, that it was probably a lot more continuous than anyone had thought, and second, that there could be a lot more volume. “In the past this deposit had a history of people believing that it was discontinuous, largely because previous operators were trying to match As with Bs and Cs with Es, because they didn’t understand the model,” Burzynski said. “But once we realized we were dealing with an intrusive, and reoriented what mineralization belonged to what mineralization, it was clear to us that we were dealing with something that looked almost like the fingers of a hand.” Now Osisko is working on a series of five porphyries that created the mineralization. There were three later phases of intrusives that pushed mineralization around, “which was some of the smoke that was being chased by some of the earlier operators,” he said. “There were

high-grade, thin veinlets that effectively was remobilization, and if you focused on them, it would be hard to put a resource on, and you’re staying away and missing the larger picture. “What the previous operators were doing for the first seven or eight years after they made the [Windfall] discovery was that they were drilling the leaves of the tree, and we think we’ve found the main feeder system for this deposit.” When you’re dealing with a geologic unit, he added, you have a much larger volume to host your mineralization. “The fellows working on the project for the prior years were also convinced that there was no potential for the deposit to extend to the northeast,” he added. “Late last year we started a series of stepout holes on fairly aggressive 200-, 400-, 600-, 800- and 1,000-metre step-outs, all at the same time to try to prove that model, and we hit on every hole.” The step-out holes have extended the deposit 1,000 metres northeast,

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Workers in the core shack at Osisko Mining’s Windfall Lake gold project in Quebec. OSISKO MINING

and Osisko is now drilling everything from the 1,000-metre line back to the deposit, while it infill drills the deposit. It started a hole on a 1,400-metre step-out and on a 2,200-metre step-out, and has a 5 km step-out on the go right now. “We’ve determined the system is much larger than 3 km long, in terms of the intrusive and the alteration,” he says. The area east of the main deposit also contained what Osisko calls the Lynx deposit, which management says is “a high-grade deposit within a high-grade deposit” that appears to be associated with the main feeder system into the primary deposit. The company has gotten a series of high-grade values at Lynx — things that run up to an ounce or two ounces, or three ounces per tonne — over anywhere from 1 up to 7 or 9 metres. Assays from Lynx released in early May include 11.7 grams gold per tonne over 7.7 metres and 421 grams gold over 3.7 metres. A third hole returned 4.9 metres grading 10.4 grams gold, including 37.5 grams gold over 1 metre. “Lynx was discovered with one hole pre-Christmas, and we’ve since put in 25 holes, and it’s giving us spectacular numbers,” Burzynski said. “We have a Lynx 1, a Lynx 2 and a Lynx 3 now, and we jokingly refer to it as our Lynx course … and as we continue to drill northeast, we suspect we will continue to see these Lynx zones.” The company has also made two other discoveries in the last six months: Fox, west–northwest of the Windfall deposit, and Black Dog, 15 km southwest of Windfall. “The gold mineralization style at both targets are similar to the intrusion-related mineralization style characteristic of the Windfall target,” Mick Carew of Haywood Securities said in an April research note. “This suggests the presence of a larger intrusion-related, mineralized system at Urban-Barry that may have produced multiple deposits along parallel-trending structures.” “While we expect the Windfall deposit itself to double in size from the 1.6 million oz. already defined, it is the adjacent targets, including Fox, Lynx and Black Dog, that have caught our attention, suggesting

the Urban-Barry project area could represent a district-scale play in Quebec,” Carew added. Osisko is restarting work on a ramp that was started in 2007, but then abandoned and allowed to flood. “If they had continued that ramp another 300 metres, they would have ran straight into the main orebody,” Carew noted. Osisko will start dewatering the ramp in mid-June, which could take two months. After this, it will clean up and continue driving the ramp forward, with the goal of reaching 800 metres deep. At this point, it can bulk-sample to test grade and recoveries, and create underground drill stations to test the lower part of the deposit. In April, Osisko acquired land 103 km west of Windfall and 11 km from the town of Lebel-sur-Quévillon in Quebec that it says can host a mill complex and process material from the project. The property is next to a Hydro-Québec electric substation, and near a former Domtar pulp and paper mill, with access to a water-pumping station that has enough capacity to meet the needs of a milling complex. “We think that over time, this site would probably save us somewhere between $100 million and $200 million in capex and opex,” Burzynski said. The Quévillon land package covers volcano-sedimentary Archean greenstones that host a number of gold showings and porphyry igneous intrusions that are of exploration interest. The property includes 30 known gold showings, as well as the historic Osborne-Bell gold deposit. The deposit will be the focus of new drilling and resource evaluation. “The old Osborne-Bell deposit had a resource of 1.8 million oz. and we count it as zero in our book, and I would advise you to do the same at this point,” Burzynski said. “But we are going to go through the exercise of looking at that resource and doing our own drilling on it later this year, and will come back and tell you what we really think ... but what we see so far is that the deposit looks very much identical to Windfall — it has the same porphyry mineralization style, the same alteration zones and relatively the same host rock. And what we feel is that we have a parallel belt here with the same potential to host Windfall-style deposits.” TNM

2017-05-25 9:50 AM

CANADIAN GOLD

GLOBAL MINING NEWS

THE NORTHERN MINER / MAY 29–JUNE 11, 2017

CANADIAN JUNIORS FIRING ON ALL CYLINDERS Snapshot: Promising gold projects from NWT to Newfoundland With gold prices on the upswing and Canada’s stable politics looking ever more appealing, Canada’s junior gold explorers are in the midst of a particularly active year. Here is a quick look at four such companies. CANADIAN OREBODIES Junior gold explorer Canadian Orebodies (TSXV: CORE) is one of the largest claim holders in the region around Ontario’s Hemlo gold camp. The company is based in Toronto and led by president and CEO Gord McKinnon and project manager Bruce Mackie. Directors include John Harvey, Christopher Hodgson, Gordon Cyr and Michael Leskovec, while veteran mining execs James Gowans, Mackenzie Watson and Robert Middleton serve on an advisory committee. Canadian Orebodies’ largest shareholder blocks are Osisko Mining (19.9%), Northfield Capital (14.8%) and management and directors (14.2%) — all partially diluted. Canadian Orebodies’ landholdings in the Hemlo are divided into two property packages: the 68 sq. km North Limb lode gold and volcanogenic massive sulphide property just north of Barrick Gold’s (TSX: ABX; NYSE: ABX) Hemlo gold mining complex, and Wire Lake’s shear-hosted lode gold property, 3 km east of the Marathon platinum group metals deposit northeast of the town of Marathon on Lake Superior.

$5.2 million in cash. NIGHTHAWK GOLD Michael Byron-led Nighthawk Gold (TSXV: NHK) is working to revive gold mining in the Indin Lake Archean greenstone belt in the southern Northwest Territories. Nighthawk has locked up 90% of the entire belt with an 892 sq. km land position that already has an inferred resource estimate of 39.8 million tonnes grading 1.64 grams gold per tonne for 2.1 million contained oz. gold. Nighthawk’s wholly owned assets in the belt include the historic Colomac gold mine, where mining stopped when its owner Royal Oak Mines went bankrupt in the 1990s. Royal Oak intermittently mined the Colomac Main deposit from 1990 to 1997 to produce 528,000 oz. gold with an average head grade of 1.66 grams per tonne gold.

However, all mining and processing equipment and infrastructure have been removed from the property. Nighthawk describes the other deposits at Colomac as relatively “untouched,” with mining only impacting a small part of the mineralized structure’s 9 km strike length. Shareholders in Nighthawk include Northfield Capital Corp., Kinross Gold, Osisko Royalties and McEwen Mining. There have been encouraging results from recent metallurgical test that show gold recoveries of up to 96.5% may be achieved and the rock is amenable to all standard gold-recovery technologies. Nighthawk notes this is a “significant increase in recovery” over the historic production results of 88.1% (1994 to 1997). Morris Prychidny has just joined

Nighthawk as chairman, with Suzette Ramcharan coming aboard as vice-president of corporate development in March. PROBE METALS Probe Metals (TSXV: PRB) was spun out of Probe Mines in March 2015 after it was acquired in a $526-million, all-share deal by Goldcorp, who secured the junior’s Borden gold project west of Timmins, Ontario. Goldcorp’s original 19.7% stake in Probe Metals has since been lowered to 13.9%. Probe Metals is run by much of the same team that led Probe Mines, including president and CEO David Palmer — who was The Northern Miner’s Mining Person of the Year in 2014 for the Borden discovery. By acquiring Adventure Gold and doing property deals with

Richmont Mines, Alexandria Minerals and QMX Gold, Probe Metals has assembled 1,000 sq. km of exploration ground in the Vald’Or, Casa-Berardi, Detour-Quebec and West Timmins gold camps of Quebec and Ontario. Its flagship asset is its Val-d’Or East gold project near Val-d’Or, Que., where resources stand at 9.1 million tonnes grading 2.63 grams gold per tonne for 770,000 contained oz. gold. In 2017, Probe intends to carry out 75,000 metres of drilling at Val-d’Or East to test the New Beliveau Gold deposit to the west, north and south, as well as along parallel dikes similar to those hosting the past-producing Beliveau gold mine. Probe is in a strong financial position for the work, having $35 million in cash and investment at last count. TNM

Experience the Progress.

The junior notes that there has been little deep drilling on its two properties, and suggests that Barrick’s renewed commitment to extend the life of its Hemlo operations well into the next decade bodes well for gold companies active in the region. MARATHON GOLD Toronto-based Marathon Gold (TSX: MOZ) is focused on its wholly owned Valentine Lake gold project in western Newfoundland. Marathon’s measured and indicated resources in the camp from the Leprechaun, Sprite, Marathon and Victory deposits stand at 22.6 million tonnes grading 1.91 grams gold per tonne for 1.4 million contained oz. gold. In the inferred category there are another 10.7 million tonnes at 2.24 grams gold for 766,500 contained oz. gold. Metallurgical tests show 93% to 98% recoveries via conventional milling and 50% to 70% recoveries via heap leaching at the Leprechaun and Marathon deposits. Marathon plans on carrying out 30,000 metres of drilling at the project this year, and says only a tenth of Valentine’s 20 km gold trend has been looked at in detail. Marathon describes the Valentine Lake gold camp as accessible by year-round roads and near Newfoundland’s electrical grid. Marathon has a 50-person, allseason camp at the property. In early May, Marathon boosted to $16 million a proposed boughtdeal by RBC Capital Markets of 14 million common and flow-through shares. On March 31, Marathon had

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2017-05-25 9:50 AM

CANADIAN GOLD

MAY 29–JUNE 11, 2017 / THE NORTHERN MINER

WWW.NORTHERNMINER.COM

Looking southeast at the Saddle South Ridge on GT Gold’s Tatogga gold property in northwest British Columbia. GT GOLD

GT Gold to drill Tatogga in BC’s Golden Triangle CEO INTERVIEW

| Kevin Keough-led junior probes fresh ground

BY MATTHEW KEEVIL

mkeevil@northernminer.com VANCOUVER

new era of exploration in northwestern British Columbia’s historic Golden Triangle region hasn’t yet resulted in much greenfield discovery, but Vancouver-based GT Gold (TSXV: GTT; US-OTC: GTGDF) hopes its Tatogga gold project can change that narrative. The company’s founders privately funded a target-generation work at the property over the past few years, leading to a maiden drill program due to begin soon. GT Gold completed its qualifying transaction, alongside a $2.5-million private placement, in mid-2016. The 310 sq. km project lies on the Klastline plateau 14 km west of Imperial Metals’ (TSX: III) Red Chris copper-gold mine, and less than 1 km west of the town of Iskut. GT Gold’s wholly owned subsidiary, New Chris Minerals, acquired Tatogga in 2011, and then completed an airborne magnetic survey and collected 1,800 geochemical soil samples.

“The regional surveying we did privately through 2013 to 2014 unearthed quite the compelling gold-in-soil anomaly across a substantial area,” GT Gold president and CEO Kevin Keough says during an interview. “We were pretty excited, but the industry was really struggling at that time. It was tough to raise any money, so we waited until market conditions improved to go public. Last July we pulled the trigger, and the initial financing came together quickly after that.” GT Gold’s focus so far has been the greenfield Saddle gold prospect, which has two sub-parallel, westto northwest-trending anomalies. Saddle South takes its name from a “saddle-shaped” upland ridge and tableland of residual soils, with little outcrop. The company reports that the limited outcrop feature “generally subtle” veining and alteration, while high surface metal values on its western edge correspond with “locally rusty-weathering, quartzsericite-pyrite altered volcanic host rocks.” Saddle North sits 200 metres to-

pographically lower, and it appears to be covered to a “considerable degree” by glacial deposits. “We’re pretty confident the soil anomalies reflect an in-situ source. There are glaciers next to our project area, but we don’t believe our ground has been disturbed too much,” Keough says. “We’ve tentatively put our finger on apparent structures that run through the area, which is where we’ll focus our drilling. There’s not a lot to see at surface, but downslope next to our anomaly we have sampled high grades in at least one structure, and there are volcanics and instrusives at Saddle South,” he adds. The Saddle South anomaly runs 1.5 km in an east–west direction and contains an “irregular core” of gold-in-soil values, as defined by contoured values exceeding 0.5 gram gold per tonne. GT Gold caught market attention in late 2016, when it reported 58 soil samples returned an average value of 7.45 grams gold at the target, while median soil assays fell between 1.61 and 1.80 grams gold. Mineralization at Saddle is not

JoAnne Nelson, senior geologist and northern B.C. manager with the B.C. Geological Survey, inspects rocks at GT Gold’s Saddle gold project in British Columbia. GT GOLD

“IT’S SOMETHING COMPLETELY FRESH, WHICH IS RATHER UNUSUAL THESE DAYS. IT DIDN’T HAVE A SINGLE HISTORICAL SOIL OR ROCK SAMPLE ON THE ENTIRE TARGET AREA.” KEVIN KEOUGH PRESIDENT AND CEO, GT GOLD

yet well understood, though there are indications it is associated with post-deformation, malachite-chalcopyrite bearing quartz-carbonate veins that are oriented parallel to regional, dominant-shearing directions. GT Gold’s geologists have reportedly found “completely quartzsericite-pyrite altered rock with numerous outcrops of gossanous material” with material gold and copper values. In March the company outlined a plan to a first drill program at Saddle South that would include 98 reverse-circulation (RC) and dia-

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mond core holes over 4,600 metres. GT Gold intends to drill 76 RC holes across 2,000 metres to improve targeting before mobilizing the diamond rig. It will also complete 20 line km of induced-polarization (IP) geophysics and another 1,200 soil samples. “We’ll get a really good response from IP since there are clearly sulphides associated with the gold, and we think it’s prudent to start the program with RC,” Keough says, noting that X-ray fluorescence will also be used in the field. “We’ll rely on a little track to transport the rig, so it’s almost being leveraged as a prospecting tool. We need to quickly figure out the most prospective targets, so we’re using the ground-based geophysics, along with the RC program, to really help us understand the strike and depth potential,” he adds. The company closed a $3.2-million private placement in April, wherein it issued 2.7 million hard shares priced at 32¢ each, and 5.2 million flow-through shares at 45¢ each. The net proceeds provide GT Gold with working capital of nearly $5 million, and support plans for a second phase of diamond-core drilling that may “double the total metres this year.” “We’ll certainly aim to get as much done as we can, but it can be a pretty narrow field season up there,” Keough says. “Our story has generated excitement in the market because it’s something completely fresh, which is rather unusual these days. It didn’t have a single historical soil or rock sample on the entire target area. So it’s early days for us, but we’re optimistic that we’re seeing the upper levels of a system.” GT Gold shares have closed at a 52-week high of 38.5¢ per share at press time. There are nearly 64 million shares outstanding for a $24.5-million market capitalization. TNM

2017-05-25 9:50 AM

CANADIAN GOLD

GLOBAL MINING NEWS

THE NORTHERN MINER / MAY 29–JUNE 11, 2017

NxGold hunts for gold near Meliadine NUNAVUT BY LESLEY STOKES

lstokes@northernminer.com VANCOUVER

xGold (TSXV: NXN), a company founded by management of uranium explorer NexGen Energy (TSX: NXE; USOTC: NXGEF), is preparing to explore for structurally hosted gold mineralization at its Kuulu project, located along a geological trend of Agnico Eagle Mines’ (TSX: AEM; NYSE: AEM) 3.4 million oz. gold Meliadine gold project in Nunavut, west of Hudson Bay. NxGold — unrelated to Brazilian gold junior NX GOLD S.A. — is planning a 4,000-metre, 30-hole drill program to probe beneath a number of newly discovered goldrich quartz float at surface, along with a test of magnetic geophysical anomalies that occur across the 41.7 sq. km property. Property-wide geophysical surveying — including a slow flying drone magnetic survey — and additional reconnaissance work would also be conducted. “Through the work that NexGen has been doing, and the success we’ve had at Arrow, we’ve attracted quite the following in the market,” Christopher McFadden, NxGold’s president and CEO, and cofounder of NexGen, says of NxGold. “One of the transactions NexGen did came with a shell company, and it was basically sitting in the portfolio looking for something to do. So when Kuulu was presented to us as an opportunity, we decided it was a great way to revitalize that shell.” The Kuulu property is cut in half by a large fault named Dickson-Pyke that separates a folded package of volcanic and meta-sedimentary rocks in the east, called the Eastern Fold Structure (EFS), from metamorphosed intrusives and granitic rocks in the west, grouped together as the Western Magnetic Linears (WML). Exploration work conducted in 2015 and 2016 narrowed down the potential source of quartz-rich boulders and float material in the EFS to three broad areas, Hinge, RB and GD. Nine of the 20 angular quartz vein float samples collected in these zones assayed greater than 1 gram gold per tonne, with highs of 16.8 and 38 grams gold. In the WML, magnetic lineaments vary from 1 to 4 km long and correlate to broad halos of gold-rich boulders at surface. Fifteen of the 51 angular quartz float rock samples collected from these zones returned greater than 1 gram gold with highs of 27, 65 and 451 grams gold. “The success that Agnico has enjoyed at Meliadine is what makes Kuulu exciting, McFadden says. “It’s right next door to their project, and only 40 km from Rankin Inlet, so from a geological and an infrastructure perspective, it’s very well located.” Under an agreement signed with private company Meliadine Gold in October last year, NxGold can earn a 50% interest in the property by spending $10 million over three years, and up to a 70% interest by spending an aggregate of $25 million and delivering a bankable feasibility study. McFadden says NxGold is well funded to undertake exploration this year, having completed a $4.9-million financing in January, which issued 19.8 million units at 25¢ per unit. Each unit consists of a share and half a warrant exercisable within three years at 50¢ per whole warrant. “NxGold is a separate entity from NexGen, but it has the same DNA in terms of how it operates and undertakes exploration,” McFadden adds. Some of the money will be used

| NexGen sister company NxGold prepares for drill program at Kuulu

to begin work on NxGold’s most recent acquisition, the Chicobi gold project, which it acquired from private company Kenorland Minerals in April. The Chicobi property covers 600 sq. km in Quebec’s portion of the Abitibi gold belt, and encompasses a 70 km strike length of a deformation zone largely untouched by explorers. “Companies tend to go for the low-hanging fruit first, and Chicobi doesn’t have any. There’s no outcropping mineralization that can be seen, it’s just forests and swamps,” McFadden says. “All the easy stuff in the Abitibi has been found and now we have to look a bit harder, and perhaps challenge some of the models and processes that have been used in that area in the past. We hope to bring a fresh pair of eyes into the region.” Shares of NxGold have traded in a 52week range of 25¢ to 72¢, and closed at 45¢ at press time. The company has 37 million shares outstanding for a $16.7-million market capitalization. TNM

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NxGold CEO Christopher McFadden (left) and vice president of exploration Darren Lindsay at the Kuulu gold project in Nunavut. NXGOLD

4/7/2017 9:31:00 AM

2017-05-25 9:50 AM

CANADIAN GOLD

MAY 29–JUNE 11, 2017 / THE NORTHERN MINER

WWW.NORTHERNMINER.COM

Canadian gold majors eye home-field exploration advantage DISCOVERY

| Stable political situation, good infrastructure among reasons to stick close to home

BY MATTHEW KEEVIL

mkeevil@northernminer.com VANCOUVER

anada’s gold miners are naturally interested in discovery back home, but the push for more “homegrown” ounces appears to be on the rise after the recent downcycle, with oft-cited reasons including geopolitical risk, operational synergies and favourable infrastructure. The Northern Miner reviewed exploration reports from three marquee Canadian producers to see where major miners are most active in Canada. Barrick Gold The world’s largest gold producer had its start near Wawa, Ont., but it subsequently consolidated major production centres in Nevada and beyond. Barrick Gold (TSX: ABX; NYSE: ABX) operates the historic Hemlo gold mine 35 km east of Marathon, Ont., however, where it drilled nearly 20,000 metres last year. The asset consists of the Williams mine and processing facility located at the western end of the property, the Golden Giant mine in the central area and the David Bell mine in the east. The investment expanded Hemlo’s reserves to 25.8 million tonnes grading 1.92 grams gold per tonne for nearly 1.6 million contained ounces. Barrick said the mine’s life could be extended through 2026 based on technical reports expected by yearend. The company also established the first geological model for the entire Hemlo deposit in 2016. Meanwhile, Barrick signed two Canadian earn-in agreements during the first quarter. On March 27, the company announced a deal with

Osisko Mining (TSX: OSK; USOTC: OSKFF) wherein it can earn 70% in Osisko’s Kan gold property in northern Quebec’s Labrador Trough, for $15 million in exploration expenses over the next three years. Barrick must spend $6 million by the end of 2018, and earn another 5% interest by electing to fund $5 million more in project-level expenses (i.e., a preliminary economic assessment or prefeasibility study). Barrick also closed an agreement with explorer Atac Resources (TSXV: ATC; US-OTC: ATADF) to earn 60% in the Orion gold project in the Yukon. The terms outline potential investment totalling $63.3 million, which includes a private placement of $8.3 million and a two-staged, $55-million exploration earn-in option to acquire up to 70% of Orion, which comprises the central portion of the 1,742 sq. km Rackla property, 100 km northeast of Keno City. Barrick will also buy $6.3 million in Atac shares via a charity flowthrough private placement, which will increase its equity stake from 9.2% to 19.9%. “Exploration has been one of Barrick’s primary value drivers for a long time. After several years focused on existing core districts, this year, we’re increasing our investment in exploration, both near-mine and greenfield,” Barrick president Kelvin Dushnisky said during a first-quarter conference call. Goldcorp Vancouver-based Goldcorp (TSX: G; NYSE: GG) has strong presence in Canada with operations in Ontario and Quebec that could crank out 615,000 oz. gold in 2017. The company is also advancing a pipeline of Canadian exploration

and development projects, which it expanded to the Yukon with its $520-million purchase of Kaminak Gold and the Coffee property last year. In April, Goldcorp released an update on its 2017 exploration plans. The company reported in excess of 100,000 metres of diamond and reverse-circulation drilling that it expects to complete across its Canadian portfolio. Goldcorp completed 31,300 metres of underground drilling at Red Lake during the first quarter, which focused on five main areas: the R zone/Lower 56, Upper Red Lake, Party Wall, Campbell and Lower Red Lake. Goldcorp’s proven and probable reserves in the Red Lake area total 7.6 million tonnes at 8.36 grams gold per tonne for 2 million contained oz. gold. Meanwhile, Goldcorp is active in the Porcupine mining district in Ontario, where the company will drill 57,000 metres at surface and underground for its advanced-stage Century project. Porcupine consists of four mining operations: Hoyle Pond, Dome underground and the Hollinger open pit, which all feed the central Dome processing facility. The Porcupine assets jointly host 46 million proven and probable tonnes grading 1.55 grams gold tonne for 2.3 million contained oz. gold. Goldcorp is active at two more recent acquisitions, namely Coffee, and the Borden project that it picked up via the $530-million Probe Mines acquisition in early 2015. Borden lies 160 km west of the Porcupine mine. The company is planning a regional exploration program to follow up on last year’s glacial till sampling. Drilling at Borden West is targeting the Footwall Amphibolite

The camp at Goldcorp’s Coffee gold project in the Yukon. PHOTO BY MATTHEW KEEVIL

contact and “associated gold zone along strike” from the Borden deposit. Mineralization could be associated with a garnet biotite felsic gneiss unit, with various amounts of quartz veining, f looding and sulphides. Goldcorp started its annual field season at Coffee in March. The company mobilized twin reversecirculation rigs and drilled 7,300 metres at the Supremo, T8-9 and Arabica targets. It is also planning a regional exploration program across the 600 sq. km property package later this year. “We continue to invest in our pipeline and advance a number of projects forward, with a capital commitment of over $1 billion,” Goldcor p president and CEO David Garofalo said in March. “It has been a busy year as we transition to the harvest mode. We’ve got a quality profile right across the group, and each side is competitive for the dollars. The money will go to where we are getting the best results.”

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Agnico Eagle Mines Agnico Eagle Mines (TSX: AEM; NYSE: AEM) is the largest gold producer in Quebec, with a 100% interest in three mines — LaRonde, Goldex and Lapa — and a 50% interest in the Canadian Malartic joint venture with Yamana Gold (TSX: YRI; NYSE: AUY). Agnico also operates the Meadowbank mine in Nunavut, which is an emerging gold district following Agnico’s discovery of the Amaruq gold deposit. Agnico aims to boost its total gold production to 2 million oz. per year by 2020. In Quebec, exploration is largely focused on the Canadian Malartic complex. The partners completed nearly 23,000 metres of drilling at the Odyssey project during the first quarter, which could provide feed for the Canadian Malartic mill. Agnico’s biggest Canadian exploration success of the past two years has been the rapid path from discovery to resource delineation at Amaruq, 50 km northwest of its Meadowbank mine. The company initiated a $22-million, 75,000-metre drill program at Amaruq in February. In the first quarter Agnico completed 119 holes over 17,900 metres, which focused on the the IVR zone and Whale Tail deposit, and a “possible expansion of the Whale Tail open-pit limit towards the west.” Amaruq has an initial open-pit indicated resource of 17 million tonnes averaging 3.88 grams gold for 2.1 million contained ounces. Agnico will spend $78 million in capital expenditures at the property this year, mostly on finishing an all-weather exploration road, additional technical studies and procuring materials and equipment for the 2018 construction season. The company added more Canadian exploration exposure by financing Shawn Ryan’s new Yukon vehicle White Gold (TSXV: WGO; US-OTC: GFRGF), which holds nearly 2,500 sq. km in the White Gold district. Agnico spent $15 million on 12.1 million shares, which equates to a 19.9% equity interest in the junior explorer. “I just want to reinforce that our core strategy is really getting into emerging regions, or getting into deposits early,” Agnico president and CEO Sean Boyd said during a first-quarter conference call. “We gain knowledge, acquire ground and invest in exploration. Our extensive mine-building skills allow us to turn these early stage opportunities into meaningful cash-flow generators. We look to become significant players in these regions through prospecting, drilling and building.” TNM

2017-05-25 9:50 AM

CANADIAN GOLD

GLOBAL MINING NEWS

THE NORTHERN MINER / MAY 29–JUNE 11, 2017

ONTARIO SNAPSHOT Four gold projects nearing production BY SALMA TARIKH starikh@northernminer.com

Ontario is a hot spot for gold exploration in Canada, as it hosts several of the country’s large historic gold camps. According to Fraser Institute’s annual Survey of Mining Companies 2016, Ontario ranked as the sixth best jurisdiction for investment attractiveness in Canada and globally came in eighteenth place. Here’s a review of four gold projects in Ontario set to start production within the next two years: CLAVOS Sage Gold (TSXV: SGX) is lining up to become the newest producer in Timmins, Ont., with first production at its wholly owned Clavos gold deposit expected later this year. “We are hoping at the end of September to start shipping mineralized material to the mill,” Sage’s CEO Nigel Lees says, adding that commercial production should begin in the first half of 2018. Before commercial production kicks off, Sage plans to complete dewatering and rehabilitating the former mine by year-end, update the resource estimate and finish a prefeasibility study. Sage has recently wrapped up 2,900 metres of surface drilling, which established a mineralized corridor between Clavos’ main mine zone and the 960 zone. It now aims to finish 9,200 metres of definition and exploration drilling from underground. Based on a 2012 resource estimate of 316,000 indicated and inferred oz., a 2013 preliminary economic assessment (PEA) envisioned Clavos — permitted as a 700-tonne-perday operation — cranking out a total 145,448 oz. over seven years. While estimated total capital was $35 million, including $8 million in start-up costs, both amounts have since gone down, largely because of the increase in the Canadian gold price, Lees says. Development costs are low because the project benefits from over $60 million in historic investments and does not require building a mill. Sage will use Primero Mining’s (TSX: P) Black Fox-Stock mill, located 10 km away, on a tollmilling basis. Sage closed an $11.5-million financing — including a $1.9-million equity raise and a $9.7-million gold prepayment facility with Cartesian Royalty Holdings — last November. Since then, it raised another $1.4 million in equity. The firm has $8 million on hand and should draw down the final $3.3-million tranche of the gold prepayment facility shortly, Lees says. SUGAR ZONE Harte Gold (TSX: HRT) is running to the finish line at its Sugar Zone property in White River, Ont., near the Hemlo gold camp. Harte expects to operate Sugar Zone as a 540-tonne-per-day underground operation, producing 50,000 oz. gold a year, over an initial eightyear mine life. Construction on-site is set to start mid-year. The junior intends

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HARTE HAS LAUNCHED AN AGGRESSIVE $15-MILLION, 75,000-METRE DRILL PROGRAM. to begin mill commissioning in the first quarter of 2018, with commercial production starting at the end of the second quarter of 2018, Harte’s CEO Stephen Roman notes. According to a 2012 PEA, Sugar Zone contains an indicated resource of 980,900 tonnes at 10.13 grams gold for 319,280 oz. (uncapped), and an inferred resource of 580,500 tonnes at 8.36 grams gold for 155,960 ounces (uncapped). The junior will table an updated technical report, including a revised resource and mine plan, in early 2018. It recently completed a 70,000-tonne bulk sample program that it started in October 2015. The sample, processed at Barrick Gold’s (TSX: ABX; NYSE: ABX) nearby Hemlo mill, generated $27.7 million in proceeds. During commercial production, Harte will process ore at its own mill. It anticipates receiving the commercial production permits in the third quarter of 2017.

agreements with First Nations, and finalize the joint-venture agreement with Northern Sun Mining (TSXV: NSC) to co-own the nearby Redstone mill, where it will process Bradshaw’s ore. Taylor projects Bradshaw could reach commercial production in late 2018 or early 2019. An amended 2015 prefeasibility study envisions Bradshaw could produce a total of 305,058 oz. gold, including the bulk sample, over eight years. The estimated initial project cost is US$26.9 million, including US$10.7 million for the bulk sample. BORDEN The Borden underground project near Chapleau, Ont., is on track to become Goldcorp’s (TSX: G; NYSE: GG) next Canadian gold mine, with first production beginning in late 2019. Goldcorp bought the high-grade deposit, known as one of the best recent discoveries in Ontario, in a $526-million, allstock takeover of Probe Mines in 2015. Borden sits 160 km west of Goldcorp’s long-operating Porcupine mine and milling facility. The major is prepping to build an underground ramp into the Borden deposit to extract a 30,000-tonne bulk sample. The ramp will encourage exploration

The entrance culvert at Sage Gold’s past-producing Clavos gold project in northern Ontario’s Timmins camp. SAGE GOLD drilling as well as mining. After the bulk sample, Goldcorp intends to publish a feasibility study at the end of March 2019, where it would include Porcupine’s mill and infrastructure for processing. Goldcorp says that given the little infrastructure required for fullscale mining, Borden should reach commercial production six months

after the bulk-sample extraction, which it expects will occur by the fourth quarter of 2019. As of June 2016, Borden had gold reserves of 4.12 million tonnes grading 7.14 grams gold per tonne for 950,000 ounces. It had another 3 million tonnes of 5.77 grams gold for 560,000 oz. in measured and indicated. TNM

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Harte has launched an aggressive $15-million, 75,000-metre drill program to infill the Sugar Zone deposit and drill the nearby Middle and Wolf zones, with the aim of increasing the overall mine resource. It is planning regional exploration on the now 800 sq. km Sugar Zone property, “where we expect to make discoveries, which could result in additional mines being developed,” Roman says.

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BRADSHAW Gowest Gold (TSXV: GWA) has kicked off an advanced exploration program at its flagship Bradshaw gold deposit on its North Timmins gold project in Timmins, with commercial production set to start in less than two years. The program, comprising a 30,000-tonne bulk sample containing 10,000 oz. gold, should wrap up in “the first half, possibly the first quarter of calendar 2018,” Gowest’s manager of investor relations Greg Taylor says. Gowest is preparing the area for the underground sample, with ore extraction expected this autumn. Bradshaw’s advanced exploration work is funded by a definitive prepaid forward gold-purchase agreement that Gowest signed last December with Pandion Mine Finance. Under the agreement, the New York-based firm will pay Gowest US$17.6 million in four tranches over 12 months, as a partial consideration to buy up to 65,805 oz. gold from Bradshaw. Gowest has 27 months before it needs to deliver gold, following first tranche, received this February. While Gowest has the permit for the bulk sample, Taylor notes it still needs to obtain a mining permit, sign impact and benefit

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2017-05-25 9:51 AM

MAY 29–JUNE 11, 2017 / THE NORTHERN MINER

CANADIAN GOLD

WWW.NORTHERNMINER.COM

Drillers at work on the Triangle gold deposit in April 2017 at Integra Gold’s Lamaque property in Val-d’Or, Quebec. INTEGRA GOLD

Eldorado bids $590M for Integra ELDORADO From 7

A drill core sample from Integra Gold’s Lamaque gold project. PHOTO BY LESLEY STOKES

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Integra had expected to complete 81,000 metres of drilling at the site in 2017, and was pursuing ramp development for a bulk sample on its Triangle deposit by year-end. Integra released a preliminary economic assessment on Lamaque in February that models a $175-million development cranking out 135,000 oz. gold annually over a 10-year mine life. The junior has taken advantage of local infrastructure, and Quebec’s generous flow-through share system, to drill at a furious rate over the past few years. Integra completed nearly 120,000 metres of drilling over the past 18 months, which doubled indicated resources at its Triangle deposit to 6.3 million tonnes at 7.3 grams gold for 1.47 million contained ounces. The company held permits for a 5,000-tonne bulk sample, and had been preparing an application to extend it to 50,000 tonnes. In addition, Integra intended to convert the remaining Triangle exploration claims to mining leases. The bid marks the first major

ELDORADO EXPECTS TO PRODUCE BETWEEN 365,000 AND 400,000 OZ. GOLD IN 2017 AT ALL-IN SUSTAINING CASH COSTS RANGING FROM US$845 TO US$875 PER OUNCE. move by Eldorado Gold under its new president and CEO George Burns, who was appointed in late 2016 after having served as Goldcorp’s (TSX: G; NYSE: GG) chief operating officer. Eldorado had not returned a request for comment at press time. Burns noted in the release that Eldorado had followed the work at Lamaque for the last 18 months, and that he was excited about entering Quebec’s Eastern Abitibi after his

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1-16, 23_MAY29_Main .indd 14

experience of building and operating gold mines in Canada. Many expected the company to make an acquisition after it exited China after $900-million in asset sales in the country in late 2016. The Integra purchase would decrease Eldorado’s geopolitical risk, considering that its current operating assets are in Turkey and Greece. The company already had a 13% stake in Integra dating back to mid-2015, when it picked up 52.1 million shares at 28¢ per share, or an 11% premium at the time. Scotiabank analyst Tanya Jakusconek noted the bid valuation “appears reasonable,” based on Eldorado paying US$179 per oz. of gold resource at Lamaque. Scotiabank has a “sector outperform” rating on the Eldorado, along with a US$4.25-per-share, one-year price target. “At first glance, we view this acquisition as mildly positive because it diversifies [Eldorado’s] geopolitical risk with upside at a reasonable cost, particularly if it can achieve material tax synergies,” Jakusconek wrote on May 15. The company “has the balance-sheet capacity to internally fund the acquisition and the capex to develop the asset.” Eldorado will also inherit Integra’s 9.9% equity stake in explorer Eastmain Resources (TSX: ER; US-OTC EANRF) and its 132 sq. km land package in the James Bay gold camp in northern Quebec. Eldorado expects to produce between 365,000 and 400,000 oz. gold in 2017 at all-in sustaining cash costs ranging from US$845 to US$875 per ounce. The company’s shares dropped 8%, or 39¢, after news of the bid en route to a $4.61-per-share close at press time. Eldorado shares have traded in a 52-week range of $3.46 to $6.71. It has 717 million shares outstanding for a $3.3-billion market capitalization. It reported US$1.1 billion in “total liquidity” at the end of March. TNM

2017-05-25 9:51 AM

CANADIAN GOLD

GLOBAL MINING NEWS

THE NORTHERN MINER / MAY 29–JUNE 11, 2017

TomaGold keeps good company in Quebec and Ontario EXPLORATION BY TRISH SAYWELL

tsaywell@northernminer.com

or a junior gold explorer trading at 9¢ a share, TomaGold’s (TSXV: LOT) list of jointventure partners on projects in central Canada could come as a surprise. The company has three joint-venture properties in Quebec with Iamgold (TSX: IMG; NYSE: IAG) — Monster Lake, Winchester and Lac-à-l’Eau Jaune — and two joint ventures in Ontario with Goldcorp (TSX: G; NYSE: GG), Sidace Lake and Baird. New Gold (TSX: NGD; NYSE: NGD) joins Goldcorp and TomaGold as a partner on the Baird project. “Our strategy is to optimize project value through joint ventures with majors,” TomaGold’s president and CEO David Grondin says. “All the projects are in renowned mining camps close to mining infrastructure, and our goal is to acquire other advanced or producing projects, and secure additional joint ventures.” In early May, Iamgold and TomaGold reported assay results from the first 11 diamond drill holes (5,100 metres) Iamgold completed over the winter at the Monster Lake project, 50 km southwest of Chibougamau. Iamgold owns a 50% stake in the project, while TomaGold holds 45% and junior explorer Quinto Real Capital (TSXV: QIT) has a 5% interest. Iamgold has an option to earn another 25% interest for a total of 75% if it spends $10 million more on the project within seven years, starting from January 2015. A highlight from the first half of the year’s 10,700-metre drill program is an intercept measuring 5.21 grams gold per tonne over 4.4 metres. Another hole returned 3.1 metres of 121.67 grams gold and a third cut 1.8 metres of 85.27 grams gold. “The grades were quite amazing and the drilling is encouraging,” says Grondin, adding that Iamgold’s strategy to advance the project “continues to bear fruit,” and that the company’s technical team can “unlock the full value” of the project. The second batch of drills results from the early 2017 drill program at Monster Lake is due in a few weeks, and Grondin says the partners expect to finish a maiden resource estimate before year-end. The drill program targeted high potential areas along the 4.5 km trend of the Monster Lake Structural Corridor and associated shear zones. So far five major zones have been identified: 52, Megane, 325, Annie and Eratix. All of the zones are within a 600- to 700-metre radius. Over time, 70,700 metres of drilling has gone into the project, with over 25 drill intersections returning grades ranging from 10 grams gold to 237.6 grams gold. When TomaGold picked up the Monster Lake project in 2011, previous operators had drilled 30,200 metres (224 diamond drill holes). Soquem drilled 20,000 metres (142 holes) between 1984 and 1995, and excavated a large number of trenches along the 4.5 km long mineralized corridor. Soquem’s historic drill results confirmed at least 22 gold showings with gold intersections, including 27.55 grams gold over 4.2 metres, 4.05 grams gold over 3.9 metres and 6.3 grams gold over

1-16, 23_MAY29_Main .indd 15

| Junior partners with Goldcorp, Iamgold and New Gold

5.1 metres. In 2010 and 2011, Stellar Pacific Ventures drilled 5,200 metres (46 holes) into gold-bearing structures on the mineralized corridor. One hole completed in the Megane-325 zone intersected 101.2 grams gold over 4.5 metres at 49.5 metres. In late 2011 and early 2012, TomaGold drilled 18 holes (2,400 metres), to test the continuity of Zone 52 at depth and confirm the northern extension of the Annie zone. This program led to a major discovery in terms of grade and continuity, where TomaGold intersected 5.7 metres grading 237.6 grams gold at 69 metres in hole 12-60. The hole lay in the northeastern extension of the Annie zone and caught the eye of Iamgold. At the beginning of 2013, TomaGold completed a 5,000-metre drilling program on the property. The goal was to explore the 325

gold zone at depth, which had not been done by previous operators. All the drill holes intercepted the mineralized zone. Meanwhile, at properties surrounding the Monster Lake property — Lac-à-l’Eau and Winchester — joint-venture partner Iamgold has flown a Versatile Time Domain Electromagnetic airborne survey that has found several strong conductors that coincide with prominent magnetic anomalies similar to those observed along the Monster Lake shear zone. Other work has included geological and structural mapping, and selected geochemical and geophysical surveys. Iamgold owns 50% and TomaGold owns 50% of the two projects. Meanwhile in Ontario, TomaGold acquired a 39.5% stake last year from Planet Mining Exploration (TSXV: PXI) in the Sidace Lake project, 25 km northeast of

BarkerAd_NorthMiner_8x10_May24_F.pdf

2017-05-24

3:53 PM

Balmertown in the Red Lake mining district. Goldcorp owns the other 60.5% interest in the project. Since 1998, 90,100 metres have been drilled (246 diamond drill holes) at Sidace Lake, and in April 2009 a resource estimate was completed on the two most advanced of six prospects on the claims — the Main Discovery Zone (MDZ) and the Upper Duck Zone (UDZ). The resource was prepared from two block models, each using a cutoff grade of 1.5 grams gold, resulting in a 1.4-million-tonne indicated resource grading 3.21 grams gold for 141,300 oz. gold, and another 2.1 million tonnes averaging 3.24 grams gold for 218,800 contained oz. gold in the inferred category. The MDZ and UDZ zones are open laterally and at depth, and Grondin says the MDZ zone shares characteristics with the Hemlo deposit.

“There’s a resource on it, so it’s something that we can expand on,” he says. “It’s another case of a major doing work with us. With their expertise and technical team, they can accelerate things a lot faster than if we were doing it ourselves, so it changes the game plan and makes it go faster.” In addition to Sidace Lake, TomaGold acquired a 24.5% stake f r om S k y h a r b ou r Re s ou rc es (TSXV: SYH; US-OTC: SYHBF) last year in a small jointventure project called Baird, in which Goldcorp holds a 51% stake and New Gold holds a 24.5% stake. Baird is 14 km southwest of Goldcorp’s Red Lake mine and 6 km north of the Madsen mine. The property lies within the highly prospective Balmer assemblage of volcanic rocks, and Grondin See TOMAGOLD / 16

2017-05-25 9:51 AM

CANADIAN GOLD

MAY 29–JUNE 11, 2017 / THE NORTHERN MINER

WWW.NORTHERNMINER.COM

Goldstrike, Newmont tackle Plateau’s prolific gold showings EXPLORATION

| Partners embark on $6-million exploration campaign in Yukon

BY LESLEY STOKES

lstokes@northernminer.com VANCOUVER

oldstrike Resources (TSXV: GSR) is in for a busy year at its flagship Plateau gold property, 200 km east of Dawson City, central Yukon. The junior explorer and its new partner on the project, Newmont Mining (NYSE: NEM), are launching the most extensive exploration campaign ever carried out on the 571 sq. km property. The $6-million program will use Newmont’s proprietary technology to expand and identify high-grade gold mineralization zones at Plateau. The property was previously thought to be barren, but is now known for its prolific exposures of visible gold over 50 km. “It’s a large system — a lot of gold surged through these rocks,” William Chornobay, chief operating officer, tells The Northern Miner during a phone interview from Goldstrike’s office in downtown Vancouver. “There’s a lot of work ahead of us, but thankfully our partner has the technical depth and financial strength required to take on an entire district like this one.” Newmont’s foray into the Yukon began in March when it struck a $53-million deal to explore and develop the junior’s emerging gold district. The agreement has two stages. To earn 51% interest in Plateau, Newmont must spend $14.7 million in cash payments, financing and exploration expenses over the first two years, and complete a National Instrument 43-101 compliant resource. The financing totalled $6 million and comprised 12.7 million Goldstrike units at 47¢ per unit. Each unit consists of a share and a warrant exercisable at 75¢ per share within four years. To boost its ownership in the project to 75%, Newmont must spend another $21.4 million on exploration and complete a feasibility study before 2028. “These companies are coming back to projects in Canada and the U.S. because they are geopolitically stable jurisdictions at a time the world isn’t too stable,” Chornobay says. “Plateau has generated a lot of interest from senior miners because it is a brand-new gold district. The

Examining core samples at Goldstrike Resources’ Plateau gold project in the Yukon: geologist Daniel Ferraro (left) and special advisor Trevor Bremner. GOLDSTRIKE RESOURCES

“THE PROJECT IS A LONG WAYS FROM BEING A MINE, BUT IT HAS ALL THE RIGHT INGREDIENTS OF BECOMING SOMETHING SIGNIFICANT.” WILLIAM CHORNOBAY CHIEF OPERATING OFFICER, GOLDSTRIKE RESOURCES

project is a long ways from being a mine, but it has all the right ingredients of becoming something significant.” Goldstrike first ventured into Plateau in 2011 to investigate gold anomalies found in governmentsourced regional stream sediment data. After six years of boots-andleather exploration work and 3,500 metres of drilling, the company has uncovered visible gold in veins, stockworks and breccias across a 50 km distance. Only two of the seven main prospects at Plateau have ever been drilled. At Goldstack, a 2016 drill hole returned 12.5 grams gold per tonne over 20.7 metres. But at the Gold Dome prospect, drilling in 2013 found 9 metres of 7.6 grams gold within a 600- by 1,200-metre gold-in-soil anomaly.

Prospecting at the Big Bang zone — Goldstrike’s most recent discovery — outlined a 3 by 2 km area containing breccias and vein stockworks. Out of the 50 grab samples collected last year, 14 of the samples returned over 1 gram gold. “Every time we go into this property we find more and more gold,” Chornobay says. “Wherever you see an outcrop you see quartz flooding … the showings look like they tie together somehow, they just need more work to figure out how.” As part of this year’s exploration program, Goldstrike and Newmont plan to conduct airborne and ground geophysical surveys, geochemistry, geological mapping and an unspecified amount of drilling at Plateau. Meanwhile, Goldstrike is also preparing for a maiden drill program at its wholly owned Lucky

Well-funded gold explorer unlocking value in Val-d’Or

TSX.V: PRB

1-16, 23_MAY29_Main .indd 16

www.probemetals.com

Strike gold project, 90 km south of Dawson City. The property is next to the 1 million oz. White Gold property, and near the 20 million oz. Klondike placer goldfields. (The White Gold property is

being acquired by Shawn Ryan’s exploration vehicle White Gold [TSXV: WGO] as per a May 18 agreement with owner Kinross Gold [TSX: K; NYSE: KGC] for 17.5 million shares, a $10-million upfront cash payment and $15 million in milestone payments. Agnico Eagle Mines [TSX: AEM; NYSE: AEM] will keep its 19.9% interest in White Gold Corp. by buying 4.4 million shares at $2.01 per share.) The drill program at Lucky Strike will test five gold-in-soil anomalies that Goldstrike has found along a 10 km long northwest-trending strike. Channel sampling over one of the anomalies, Monte Carlo, returned 0.76 gram gold over 78 metres, including 8 metres of 3 grams gold. The mineralization falls within a 700-metre-long induced polarization anomaly, highlighted by geophysical surveys finished last year. “Our focus over the past five years has been at Plateau, so Lucky Strike has been our orphaned child,” Chornobay says. “We’ve completed only small programs to date, but the trenching we did last year exceeded our expectations. Every trench we’ve dug has hit gold mineralization, and the results rival the discovery trenches at both Coffee and White Gold, so we’re excited to go back in there.” He adds that if Lucky Strike delivers good drill holes this year, “it’s an obvious spin-out, and that will benefit all of our shareholders.” Shares of Goldstrike have traded in a 52-week range of 12¢ to 43¢, and closed at 34¢ at press time. The company has 184 million shares outstanding for a $61.7-million market capitalization. TNM

TomaGold TOMAGOLD From 15

says it shows structural and alteration systems that are typical of the Goldcorp Red Lake and Campbell gold mines. During the 1980s, drilling at Baird by United Reef returned assays of 172 grams gold over 1.2 metres and 19 grams gold over 1.8 metres. Earlier this year, TomaGold started a 1,700-metre drill program on its wholly owned, pastproducing Obalski gold-copper project, 2 km south of Chibougamau. The initial program will consist of priority targets based on data compiled since acquiring the property in May 2016. In March, the company reported that drill hole 17-2 intersected 2 metres of semi-massive sulphides grading 15 grams gold, 46.8 grams silver and 10.4% copper, including 1 metre of 21.3 grams gold, 52.3 grams silver and 8.6% copper, at a vertical depth of 95 metres. TomaGold says that hole 17-2 could be the eastern extension of Zone A, from which United Obalksi Mining produced 90,000 tonnes at grades of 3 grams gold, 6.2 grams silver and 1.5% copper, between 1964 and 1972. This hypothesis is based on historic mine plans and sections, but more drilling is needed to confirm this theory, Grondin says. More drilling could assess the property’s gold potential at depth. Although over 60,000 metres have been drilled on the property in the

past, Grondin says, most of it was shallow. Obalski hosts seven mineralized zones, an 85-metre shaft and two ramps. Before TomaGold’s acquisition the project was last drilled by a prospector in 2012, who completed six short holes. One hole (12-1) cut 0.8 metre of 9.72 grams gold per tonne, 19.50 grams silver, 0.82% copper and 0.44% zinc from 37 metres deep, and a second (12-2) returned a 0.6-metre intercept of 1.81 grams gold, 5.40 grams silver, 0.16% copper and 0.03% zinc from 33.6 metres deep. Drill hole 12-4 returned 2.8 metres of 27.81 grams gold, 23.74 grams silver, 1.2% copper and 0.2% zinc starting from 35 metres deep. TomaGold finished an option to earn a 70% stake in the Hazeur proper t y nex t to its Monster Lake project from Visible Gold Mines (TSXV: VGD). TomaGold released drill results from a small drill program last September. Seven holes were drilled into geophysical anomalies. The holes were drilled to test the mineralized structure of the Philibert deposit, which lies 1 km southeast of the eastern edge of the property. The structure hosting the deposit crosses the entire Hazeur property from east to west. Hole 16-3 returned 4.8 metres of 1.09 grams gold from 100 metres deep, and hole 16-8 cut 2 metres of 6.50 grams gold from 82.5 metres, and 5.3 metres of 1.63 grams gold from 96 metres downhole. TNM

2017-05-25 9:51 AM

GLOBAL MINING NEWS

THE NORTHERN MINER / MAY 29-JUNE 11, 2017

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2017-05-19 12:07 PM

WWW.NORTHERNMINER.COM

MAY 29–JUNE 11, 2017 / THE NORTHERN MINER

M A R K E T N EWS TORONTO STOCK EXCHANGE / MAY 15–19 Fallout from U.S. President Donald Trump’s recent firing of FBI chief James Comey and uncertainty about the Russia government's role in the 2016 U.S. presidential election continued to rattle global markets. The political volatility drove up the gold price as a safe haven asset, however. The S&P/TSX Composite Index fell 0.51% to 15,458.46, while gold finished 2.27% higher at US$1,255.60 per ounce. The S&P/TSX Global Mining Index rose 1.16% to 66.54 and the S&P/TSX Global Gold Index lost 0.88% to end at 212.02. West Texas Intermediate crude rose 5% to US$50.38 per barrel on hopes that OPEC would bolster prices. Lundin Mining rose 73¢ to $7.73 per share in the wake of a positive feasibility study on expanding the company’s NevesCorvo zinc mine in Portugal. The feasibility study examined installing an underground crusher and conveyor system to handle ore from a deeper, higher zinc-grade area known as “Lombador Phase 2,” upgrades to the existing hoisting shaft, expansion of the zinc processing plant to 2.5 million tonnes per day and expansions to the tailings management facility, as well as other site infrastructure. The study included a forecast that annual zinc production would peak at 180,000 tonnes and average 150,000 tonnes per year from 2020–2030, along with

an increase in lead production. The study estimated life-of-mine C1 cash costs of US28¢ per lb. copper net of by-product credits, or US29¢ per lb. zinc net of by-product credits. Preproduction capital costs of the expansion would run to €257 million, including a 15% contingency, with a payback period of less than four years. The expansion offers an incremental post-tax net present value of €180 million at an 8% discount rate and 22% internal rate of return. Lundin has approved the expansion project, pending approval of an Environmental Impact Assessment. Shares of Mason Resources jumped 61.5% to 21¢ since listing on the TSX on May 12. Mason Resources’ Ann Mason and Lordsburg assets were spun out earlier this month from Entrée Resources (formerly Entree Gold). TSX MOST ACTIVE ISSUES

Eldorado Gold Kinross Gold B2Gold Yamana Gold Barrick Gold Ivanhoe Mines Semafo OceanaGold First Quantum IAMGOLD

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

ELD 36434 4.85 4.45 4.69 - 0.31 K 31027 5.94 5.58 5.74 + 0.08 BTO 22834 3.51 3.27 3.36 - 0.01 YRI 19522 3.89 3.66 3.79 + 0.08 ABX 14974 23.66 22.39 22.51 - 0.60 IVN 14350 4.85 4.40 4.66 + 0.17 SMF 14108 3.19 2.85 2.91 - 0.21 OGC 13584 4.59 4.24 4.33 - 0.16 FM 13437 12.59 11.28 12.11 - 0.12 IMG 12673 6.19 5.73 6.03 + 0.28

The new junior says its flagship Ann Mason project in the Yerington district of Nevada is the fourth-largest undeveloped copper porphyry resource in Canada and the United States. A preliminary economic assessment on Ann Mason this year includes results of a detailed metallurgical program completed in 2016. Mason Resources holds a US$8.8million cash balance and has 77.8 million shares issued and outstanding.

Treasury Metals’ shares jumped 23% to 75¢ apiece. The junior completed a financing that raised $8.1 million for its wholly owned Goliath gold project in northwestern Ontario. The company plans on developing an open pit mine to feed a 2,500-tonne-per day plant, with subsequent underground operations. The company has 77.8 million shares issued and outstanding, along with an US$8.8million cash balance. TNM

TSX GREATEST PERCENTAGE CHANGE

Mason Res SouthGobi Res New Milln Iron Treasury Metal Xtra-Gold Res NewCastle Gold U3O8 Corp Loncor Res Roxgold Columbus Gold Stonegate Agri Banro Silver Bull Re Largo Res Paladin Energy Teranga Gold Avesoro Res Asanko Gold Meadow Bay Gd St Augustine

MNR SGQ NML TML XTG NCA UWE LN ROXG CGT ST BAA SVB LGO PDN TGZ ASO AKG MAY SAU

304 409 594 2784 462 3878 975 153 3837 450 340 1455 4378 193 10690 4332 189 5546 309 2646

0.40 0.40 0.16 0.75 0.27 0.95 0.03 0.19 1.35 0.94 0.02 0.16 0.12 0.55 0.08 3.86 0.04 3.37 0.05 0.05

0.21 0.32 0.13 0.63 0.20 0.79 0.03 0.17 1.13 0.76 0.01 0.12 0.09 0.47 0.06 3.10 0.04 2.90 0.04 0.04

0.21 0.40 0.16 0.75 0.27 0.94 0.03 0.18 1.33 0.89 0.01 0.12 0.09 0.47 0.06 3.15 0.04 2.92 0.04 0.04

TSX GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Franco-Nevada Lundin Mng Labrador Iron TMAC Resources Kirkland Lake Agrium Osisko Mng Inc IAMGOLD Agnico Eagle Nevsun Res Endeavour Mng Goldcorp Pan Am Silver Barrick Gold Pretium Res North Am Pall Teranga Gold Teck Res Dominion Diam Silvercorp Met

+ 61.5 + 23.4 + 23.1 + 23.0 + 22.7 + 22.1 + 20.0 + 16.1 + 15.7 + 15.6 - 33.3 - 22.6 - 18.2 - 17.5 - 14.3 - 13.9 - 12.5 - 11.2 - 11.1 - 11.1

VOLUME WEEK (000s) CLOSE CHANGE

FNV LUN LIF TMR KL AGU OSK IMG AEM NSU EDV G PAAS ABX PVG PDL TGZ TECK.A DDC SVM

2540 98.74 12538 7.73 1330 18.06 183 14.81 7071 10.12 1679 125.12 4134 4.99 12673 6.03 3479 66.59 3244 3.37 1892 21.05 11880 18.73 1300 23.39 14974 22.51 2271 12.31 5 4.92 4332 3.15 10 25.86 758 17.38 3278 4.08

+ 2.03 + 0.73 + 0.58 + 0.57 + 0.54 + 0.45 + 0.33 + 0.28 + 0.26 + 0.23 - 0.82 - 0.76 - 0.63 - 0.60 - 0.54 - 0.53 - 0.51 - 0.50 - 0.42 - 0.42

TSX VENTURE EXCHANGE / MAY 15–19 The S&P/TSX Venture Composite Index rose 13.26 points to a 806.9-point close, as spot gold prices gained US$27.5 to US$1,255.93 per oz., and Comex copper prices gained 6¢ to $2.58 per pound. Shares of Integra Gold gained 34¢ to $1.14 after news that international miner Eldorado Gold intends to acquire the junior explorer for $590 million. Eldorado, which already owns 13% of Integra’s stock, plans to acquire the remaining issued and outstanding shares at a 46% premium to Integra’s 20-day, volumeweighted average price. Shareholders of Integra may choose to receive either 0.24250 of an Eldorado share or $1.21250 in cash, or 0.18188 of an Eldorado share plus $0.30313 in cash. Eldorado will issue up to 77 million shares and the maximum cash payout would be $129 million (equal to 25% of the total consideration). Integra’s main asset is the Lamaque gold project near Val-d’Or, Que. A preliminary economic assessment completed in February estimates it could produce 123,000 oz. gold annually over 10 years. Eldorado will also inherit Integra’s 9.9% equity stake in explorer Eastmain Resources, and its 132 sq. km land package in northern Quebec’s James Bay gold camp. The deal comes after Eldorado shelved expansion plans in January for its flagship Kisladag gold mine

in Turkey, and postponed a development decision on its Tocantinzinho gold project in Brazil, due to lower gold prices. Leeta Gold rose 9¢ to 17¢ per share. On April 7, the junior explorer completed its option to gain to 70% interest in the Beardmore gold property from Empire Rock Minerals, after incurring $500,000 in exploration expenses and paying Empire $180,000. The property — formerly called Gwyn Lake and located within Ontario’s Beardmore-Geraldton gold belt — hosts a number of banded-iron formations (BIF) prospective for orogenic-style gold mineralization. Of the 192 channel samples collected from BIF in 2009, 32% assayed more than 1 gram gold per tonne, and 39% of the same series ranged from 0.1 to 0.99 gram gold. Shares of East Asia Minerals rose 18¢ to TSX-V MOST ACTIVE ISSUES

Integra Gold Alexandria Min Active Growth Knick Expl Westkam Gold Barkerville Go Noka Res Northern Uran Victory Vent Zinc One Res

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

ICG AZX QNC KNX WKG BGM PAC UNO PAM Z

66039 15659 12521 11344 10649 7906 7154 6681 6111 5604

1.15 0.09 0.19 0.07 0.03 1.39 0.15 0.02 0.06 0.73

1.10 0.08 0.15 0.05 0.02 1.05 0.11 0.01 0.04 0.63

1.14 + 0.08 0.19 + 0.06 0.02 1.19 + 0.14 + 0.01 - 0.04 0.70 +

0.34 0.00 0.04 0.00 0.00 0.12 0.04 0.01 0.00 0.09

40¢ after closing a $3.3-million, non-brokered private placement, which saw 27.5 million units traded at 12¢ per unit. Each unit consists of one common share and one half-warrant, with each whole warrant exercisable within five years at 50¢ per share. Funds from the financing would help advance the company’s properties in Indonesia. In March, the company consolidated its shares on a 10-to-1 basis.

Drill results at Arizona Silver Exploration’s Ramsey silver mine in La Paz County, Ariz., drove shares of the junior explorer up 21¢ to 81¢. One of the reverse-circulation drill holes found 44 metres of massive silica from 108 metres deep, with assay results pending. The hole was designed to test a strong induced-polarization anomaly on the property. TNM

TSX-V GREATEST PERCENTAGE CHANGE

Superior Mng True Grit Res Noble Metal Gr Leeta Gold East Asia Mnls Royal Sapphire TVI Pacific Dorex Mnrls Barker Mnrls Nortec Mnls Aguila Amer Gd Inform Res Randsburg Intl Cdn Platinum Noram Vent Engold Mines Alturas Mnrls ExGen Res Inc Northern Uran China Mnls Mng

SUI.H TGI.H NMG LTA.H EAS RSL TVI DOX BML NVT AGL IRR RGZ.H CPC NRM EGM ALT EXG UNO CMV

113 302 329 8 460 48 636 437 2166 130 1565 0 133 3166 3560 1407 9 332 6681 11

0.01 0.03 0.01 0.17 0.40 0.35 0.02 0.02 0.02 0.15 0.03 0.00 0.01 0.02 0.05 0.49 0.02 0.02 0.02 0.01

0.01 0.00 0.01 0.09 0.22 0.17 0.01 0.00 0.01 0.10 0.03 0.00 0.01 0.01 0.03 0.28 0.00 0.01 0.01 0.00

0.01 0.03 0.01 0.17 0.40 0.35 0.02 0.02 0.02 0.15 0.03 0.07 0.01 0.01 0.03 0.30 0.02 0.01 0.01 0.01

TSX-V GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

+ 100.0 + 100.0 + 100.0 + 83.3 + 81.8 + 75.0 + 50.0 + 50.0 + 50.0 + 50.0 - 90.0 - 50.0 - 50.0 - 50.0 - 37.5 - 34.8 - 33.3 - 33.3 - 33.3 - 33.3

VOLUME WEEK (000s) CLOSE CHANGE

Till Capital Bear Creek Mng Curlew Lke Res Integra Gold Itafos Arizona Silver Metalore Res East Asia Mnls Wealth Mnrls Kennady Diam Abitibi Royalt Gold Reserve Aguila Amer Gd Engold Mines Titanium Corp Canuc Res Scientific Met Avino Silver Select Sands Falco Res

TIL BCM CWQ.H ICG IFOS AZS MET EAS WML KDI RZZ GRZ AGL EGM TIC CDA STM ASM SNS FPC

2 428 139 66039 11 1916 1 460 897 74 33 25 1565 1407 126 377 2807 92 997 2434

5.40 2.64 1.15 1.14 2.20 0.81 2.80 0.40 1.97 3.40 9.00 3.14 0.03 0.30 0.95 0.36 0.80 2.13 1.17 1.25

+ 0.40 + 0.37 + 0.36 + 0.34 + 0.30 + 0.21 + 0.20 + 0.18 + 0.18 + 0.15 - 0.24 - 0.24 - 0.23 - 0.16 - 0.13 - 0.12 - 0.11 - 0.11 - 0.11 - 0.10

U.S. MARKETS / MAY 15–19 The three major U.S. stock indexes fell during the third week of May. The S&P 500 Index slipped 0.38% to 2,381.73 and the Dow Jones Industrial Average dropped 0.44% to 20,804.84. The Nasdaq retreated 0.6% to 6,083.70. Spot gold gained 2%, or US$27.90, to finish at US$1,227.70 per oz., while U.S. crude oil futures rose 5.2% to US$50.33 per barrel. Iamgold gained 6.2% to close at US$4.46 per share after promising drill results. On May 15, Iamgold provided an update from its 2017 infill drilling program at the Saramacca project, near its Rosebel gold mine in Suriname. The company completed the current phase of the drill program, consisting of 113 diamond drill holes totalling 19,600 metres. Iamgold received assay results from 78 holes, with the other assays expected in June. Results to date show high grades over wide intervals, with recent highlights including 43.5 metres grading 12.26 grams gold per tonne and 76.6 metres of 7.74 grams gold. Iamgold expects to incorporate the results into an initial resource estimate, targeted for completion in the third quarter of 2017. Sibanye Gold was the biggest percentage loser, sinking 36.7% to US$5.51 per share.

18_MAY29_MarketNews.indd 18

On May 18, the South African gold producer finalized the terms of its US$1.1 billion renounceable rights offer to qualifying shareholders. Sibanye will use the proceeds from the rights offer to repay part of the US$2.7-billion bridge loan that it used to complete the recent US$2.2-billion acquisition of Stillwater Mining, the sole palladium and platinum producer in the United States. The rights offer should close on June 9, 2017. Eldorado Gold shares fell 5.5% to US$3.46, after revealing a $590-million acquisition of Integra Gold. Integra shareholders could receive either 0.24250 of an Eldorado U.S. MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Vale* VALE 184674 Frprt McMoR* FCX 102706 United States S* X 74184 Vale* VALE.P 70494 Eldorado Gold* EGO 68632 Kinross Gold* KGC 67745 Barrick Gold* ABX 67345 Yamana Gold* AUY 56444 Gold Fields* GFI 43240 Hecla Mining* HL 42545

8.83 11.87 20.63 8.40 3.57 4.38 17.38 2.87 3.86 6.16

7.47 11.06 18.55 7.06 3.27 4.09 16.50 2.68 3.54 5.65

8.42 11.73 19.59 7.96 3.46 4.25 16.65 2.81 3.78 5.88

+ 0.16 + 0.22 - 0.45 + 0.13 - 0.20 + 0.11 - 0.22 + 0.09 + 0.17 + 0.13

share, $1.21250 in cash or 0.18188 of an Eldorado share and $0.30313 in cash. Of the three options, the first two are subject to pro ration. The offer is a 52% premium to Integra’s May 12 closing price and a 46% premium to the 20-day, volume-weighted average prices of

both companies. Eldorado expects to issue a maximum of 77 million shares and $129 million in cash for all the Integra shares it doesn’t already own. Eldorado owns 13% of Integra, whose main asset is the Lamaque gold project near Val-d’Or, Quebec. TNM

U.S. GREATEST PERCENTAGE CHANGE

Rio Tinto* IAMGOLD* Gold Fields* Turquoise HIl* Intrepid Pots* Yamana Gold* Franco-Nevada* Mosaic* Osisko Gold* Kinross Gold* Sibanye Gold* Primero Mng* Peabody Enrgy* Mechel* Eldorado Gold* DRDGOLD* Natural Res Pt* Pretium Res* Goldcorp* Trecora Res*

RIO IAG GFI TRQ IPI AUY FNV MOS OR KGC SBGL PPP BTU MTL EGO DRD NRP PVG GG TREC

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

19825 41.72 39.11 41.38 + 7.0 40483 4.55 4.19 4.46 + 6.2 43240 3.86 3.54 3.78 + 4.7 18398 2.83 2.52 2.76 + 4.2 6757 2.37 2.19 2.29 + 4.1 56444 2.87 2.68 2.81 + 3.3 4016 74.49 70.94 72.94 + 3.3 23432 23.90 22.43 23.65 + 3.2 3615 11.34 10.70 11.12 + 2.7 67745 4.38 4.09 4.25 + 2.7 23699 8.83 5.27 5.51 - 36.7 3309 0.53 0.47 0.47 - 9.8 4136 25.25 22.87 23.30 - 6.8 585 5.63 5.01 5.15 - 6.4 68632 3.57 3.27 3.46 - 5.5 1476 3.88 3.56 3.61 - 4.7 170 32.85 30.69 31.05 - 3.6 9804 9.91 9.02 9.09 - 3.1 40672 14.65 13.72 13.84 - 2.7 164 11.55 10.80 11.00 - 2.7

U.S. GREATEST VALUE CHANGE

Rio Tinto* RIO Franco-Nevada* FNV Agrium* AGU Agnico Eagle* AEM Mosaic* MOS Chevron Corp* CVX Alcoa* AA Silver Wheaton* WPM Suncor Energy* SU Potash Corp SK* POT Sibanye Gold* SBGL MartinMarietta* MLM Peabody Enrgy* BTU Natural Res Pt* NRP NACCO Ind* NC Black Hills* BKH Arch Coal* ARCH United States S* X Goldcorp* GG Mechel* MTL

VOLUME WEEK (000s) CLOSE CHANGE

19825 41.38 4016 72.94 2482 92.52 9533 49.24 23432 23.65 32035 106.52 14148 32.29 12641 21.08 11449 32.04 33847 16.61 23699 5.51 3165 228.39 4136 23.30 170 31.05 133 65.90 1937 67.63 1263 72.88 74184 19.59 40672 13.84 585 5.15

+ 2.69 + 2.33 + 1.55 + 0.82 + 0.74 + 0.56 + 0.50 + 0.43 + 0.36 + 0.30 - 3.20 - 2.15 - 1.71 - 1.15 - 1.10 - 0.90 - 0.53 - 0.45 - 0.38 - 0.35

2017-05-23 9:27 PM

GLOBAL MINING NEWS · SINCE 1915

THE NORTHERN MINER / MAY 29–JUNE 11, 2017

M E TA L S , M I N I N G A N D M O N EY M A R K E T S PRODUCER AND DEALER PRICES

SPOT PRICES COURTESY OF SCOTIABANK Tuesday, May 23, 2017 Precious Metals Gold Silver Platinum Palladium Base Metals Nickel Copper Lead Zinc

Price (US$/oz.) Change 1259.90 +25.85 $17.14 +0.42 $938.00 +12.00 $761.00 -47.00 Price (US$/tonne) Change $9325.00 -70.00 $5691.00 -11.50 $2112.00 +20.50 $2666.00 +32.00

LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, May 22, 2017 (change from May 15, 2017 in brackets): Aluminium Alloy 14080 (-640) 1495350 (-49675) Aluminium Copper 332300 (+7150) 183225 (+75) Lead Nickel 378858 (-780) 1970 (-330) Tin 340350 (-5875) Zinc

Thermal Coal CAPP: US$40.00 per short ton Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$52.35 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$11.55 Cobalt: US$24.95/lb. Copper: US$2.58/lb. Copper: CME Group Futures June 2017: US$2.59/lb.; July 2017: US$2.60/lb Ferro-Chrome: US$2.29/kg Ferro Titanium: US$3.58/kg FerroTungsten: US$25.55/kg Ferrovanadium: US$21.14/kg Iridium: NY Dealer Mid-mkt US$945.00/tr oz. Iron Ore 62% Fe CFR China-S: US$62.70/tonne Iron Ore Fines: US$67.56/tonne Iron Ore Pellets: US$95.30/tonne Lead: US$0.95/lb. Magnesium: US$2.23/kg Manganese: US$1.97/kg Molybdenum Oxide: US$7.94/lb. Phosphate Rock: US$98.00/tonne Potash: US$214.00/tonne Rhodium: Mid-mkt US$940.00 tr. oz. Ruthenium: Mid-mkt US$65.00/tr. oz. Silver: Handy & Harman Base: US$17.15 per oz.; Handy & Harman Fabricated: US$21.44 per oz. Tantalite Ore : US$123.13/kg Tin: US$9.44/lb. Uranium: U3O8, Trade Tech spot price: US$21.25; The UX Consulting Company spot price: US$21.50/lb. Zinc: US$1.19/lb. Prices current May 23, 2017

TSX SHORT POSITIONS

TSX VENTURE SHORT POSITIONS

Short positions outstanding as of May 01, 2017 (with changes from Apr 17, 2017) Largest short positions K 51030252 2461639 4/17/2017 Kinross Gold B2Gold BTO 22526047 248055 5/1/2017 Eldorado Gold ELD 20574309 4288241 5/1/2017 Detour Gold DGC 12919677 390131 5/1/2017 AKG 12225612 149549 5/1/2017 Asanko Gold Ivanhoe Mines IVN 9999523 -1576612 4/17/2017 Alacer Gold ASR 6923174 526389 5/1/2017 First Majestic FR 6661085 460598 5/1/2017 LAC 6602600 688441 4/17/2017 Lithium Amer Argonaut Gold AR 6530544 56001 5/1/2017 G 6420350 -1927234 5/1/2017 Goldcorp First Quantum FM 6061137 -1881760 5/1/2017 Barrick Gold ABX 5983432 -2822813 5/1/2017 Cameco Corp CCO 5579118 -1424263 5/1/2017 GUY 5265594 -27531 5/1/2017 Guyana Gldflds Largest increase in short position Eldorado Gold ELD 20574309 4288241 5/1/2017 Kinross Gold K 51030252 2461639 4/17/2017 CG 4077266 898651 5/1/2017 Centerra Gold Klondex Mines KDX 3398234 705965 4/17/2017 LAC 6602600 688441 4/17/2017 Lithium Amer Largest decrease in short position Barrick Gold ABX 5983432 -2822813 5/1/2017 Goldcorp G 6420350 -1927234 5/1/2017 FM 6061137 -1881760 5/1/2017 First Quantum Ivanhoe Mines IVN 9999523 -1576612 4/17/2017 Cameco Corp CCO 5579118 -1424263 5/1/2017

Short positions outstanding as of May 01, 2017 (with changes from Apr 17, 2017) Largest short positions CYL 1065200 891200 4/17/2017 Ceylon Graph GoldMining GOLD 885300 68300 4/17/2017 FF 523194 -407817 4/17/2017 First Mg Fin Barkerville Go BGM 519600 436057 4/17/2017 MARL 467100 461100 4/17/2017 Mariana Res Gensource Pot GSP 165600 -15000 4/17/2017 ICG 160243 114443 4/17/2017 Integra Gold Dynasty Met&Mn DMM 130000 -29500 4/17/2017 Goldsource Min GXS 110000 95000 4/17/2017 Avino Silver ASM 100900 -100 4/17/2017 LIX 91994 -79611 4/17/2017 Lithium X Egy Aldever Res ALD 91100 -509800 4/17/2017 Falco Res FPC 73800 73300 4/17/2017 Beaufield Res BFD 59500 6500 4/17/2017 Bear Creek Mng BCM 51900 16097 4/17/2017 Largest increase in short position Ceylon Graph CYL 1065200 891200 4/17/2017 Mariana Res MARL 467100 461100 4/17/2017 Barkerville Go BGM 519600 436057 4/17/2017 Integra Gold ICG 160243 114443 4/17/2017 GXS 110000 95000 4/17/2017 Goldsource Min Largest decrease in short position Mason Graphite LLG 12000 -729000 4/17/2017 Aldever Res ALD 91100 -509800 4/17/2017 FF 523194 -407817 4/17/2017 First Mg Fin Morumbi Res ASND 15000 -127500 4/17/2017 AMZ 500 -118400 4/17/2017 Almadex Min

DAILY METAL PRICES Daily Metal Prices Date May 22 May 19 May 18 May 17 May 16 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1650/1660 1650/1660 1650/1660 1650/1660 1650/1660 Aluminum 1941/1941 1937.50/1937.50 1904/1905.50 1927/1925.50 1914/1912 Copper 5676.50/5695 5595.50/5617 5488/5507 5573/5595 5583/5593 Lead 2100/2120 2087/2100 2051/2056.50 2101/2114 2082/2088 Nickel 9365/9440 9175/9200 9000/9020 9160/9195 9010/9080 Tin 20800/20575 20525/20325 20625/20470 20050/19925 19900/19805 Zinc 2630/2644 2568/2578 2460/2468 2560.50/2578 2516/2526 PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.) Gold AM 1255.25 1251.85 1261.35 1244.60 1234.05 Gold PM 1258.85 1252.00 1255.90 1257.40 1234.20 Silver 16.95 16.77 16.81 16.90 16.72 Platinum 939.00 943.00 934.00 944.00 939.00 753.00 770.00 765.00 781.00 804.00 Palladium

EXCHANGE RATES Date US$ in C$ C$ in US$

May 19 May 18 May 17 May 16 May 15 1.3610 1.3610 1.3585 1.3611 1.3631 0.7348 0.7348 0.7361 0.7347 0.7336

Exchange rates (Quote Media, May 19, 2017) C$ to AUS C$ to EURO C$ to YEN C$ to Mex Peso C$ to SA Rand 0.990889 0.6615 81.9180 13.8490 9.8608 C$ to UK Pound C$ to China Yuan C$ to India Rupee C$ to Swiss Franc C$ to S. Korea Won 0.5677 5.0641 47.6900 0.7197 830.2362 US to EURO US to YEN US to Mex Peso US to SA Rand US to AUS 1.3486 0.9003 111.4885 18.8363 13.4168 US to UK Pound US to China Yuan US to India Rupee US to Swiss Franc US to S. Korea Won 0.7726 6.8892 64.8811 0.9795 1129.4100

TSX WARRANTS Alamos Gold (AGI.WT) - Wt buys sh @ $28.47 to Aug 30/18 Alamos Gold (AGI.WT.A) - Wt buys sh @ $10.00 to Jan 7/19 Continental Gold Inc. (CNL.WT.A) - Wt buys sh @ $4.75 to Nov 26/17 Dalradian Resources (DNA.WT.A) - Wt buys sh @ $1.5 to Jul 31/17 Excellon Resources Inc (EXN.WT) - Wt buys sh @ $1.75 to Jul 26/18 Franco Nevada (FNW.WT.A) - Wt buys sh @ $75 to Jun 16/17 GoGold Resources Inc. (GGD.WT) - Wt buys sh @ $1.7 to Jun 7/18 Golden Queen Mining Co (GQM.WT) - Wt buys sh @ $2 to Jul 25/19 Gran Colombia Gold (GCM.WT.A) - Wt buys sh @ $3.25 to Mar 18/19 HudBay Minerals (HBM.WT) - Wt buys sh @ $15 to Jul 20/18 Lithium Americas Corp (LAC.WT) - One Warrant to purchase one common share of the Issuer at $0.90 until expiry Lydian International Limited (LYD.WT) - One Warrant to purchase one additional ordinary share of the Issuer at $0.36 per share until expiry MBAC Fertilizer (MBC.WT) - Wt buys sh @ $1 to Apr 17/19 Nemaska Lithium Inc (NMX.WT) - Wt buys sh @ $1.5 to Jul 8/19 New Gold A J (NGD.WT.A) - Wt buys sh @ $15 to Jun 28/17 Northern Dynasty Minerals Ltd. J (NDM.WT.A) - Wt buys sh @ $0.55 to Jul 9/20 Northern Dynasty Minerals Ltd. J (NDM.WT.B) - Wt buys sh @ $0.55 to Jun 10/21 Northern Dynasty Minerals Ltd. J (NDM.WT) - Wt buys sh @ $3 to Sep 14/17 Oban Mining J (OBM.WT) - Wt buys 20 sh @ $3 to Aug 25/18 Osisko Gold Royalties (OR.WT) - Wt buys sh @ $36.5 to Feb 18/22 Osisko Gold Royalties (OR.WT.A) - Wt buys sh @ $19.08 to Feb 26/19 Osisko Mining Inc. J (OSK.WT) - 20 Wt buys sh @ $3 to Aug 25/18 Pilot Gold Inc. Wt (PLG.WT) - Wt buys sh @ $0.9 to May 16/19 Prairie Provident Resources Inc Wt (PPR.WT) - Wt buys sh @ $0.87 to Mar 16/19 Primero Mining Corp (P.WT.C) - Wt buys sh @ $3.35 to Jun 24/18 Quest Rare Minerals (QRM.WT) - Wt buys sh @ $0.4 to Jul 17/17

RTG Mining (RTG.WT) - Wt buys sh @ $1.5 to Jun 04/17 Sandstorm Gold (SSL.WT.A) - Wt buys sh @ US$4 to Oct 19/15 (SSL.WT.B) - Wt buys sh @ US$14 to Sep 07/17 Sandstorm Gold (SSL.WT.A) - Wt buys sh @ US$5 to Oct 19/15 (SSL.WT.B) - Wt buys sh @ US$14 to Sep 07/17 Sandstorm Gold (SSL.WT) - Wt buys sh @ US$4 to Nov 3/20 (SSL.WT.B) - Wt buys sh @ US$14 to Sep 07/17 Sprott Resource Corp (SRHI.WT) - Wt buys sh @ $0.3333 to Feb 09/22 Timmins Gold Corp (TMM.WT) - Wt buy sh at $0.7 to May 30/18

TSX VENTURE WARRANTS Ascendant Resources (ASND.WT) - Wt buys sh @ $1.25 to Mar 7/22 Atlantic Gold (AGB.WT) - Wt buys sh @ $0.6 to Aug 20/18 Avino Silver & Gold Mines Ltd. (ASM.WT) - Wt buys sh @ US$0.2 to Nov 28/19 Brazil Resources (BRI.WT) - Wt buys sh @ $0.75 to Dec 31/18 Cornerstone Capital Resources (CGP.WT.S) - Wt buys sh @ $0.35 to Apr 07/19 Desert Star Resources Ltd (DSR.WT) - Wt buys sh @ $0.25 to Jun 05/17 Goldmining Inc. (GOLD.WT) - Wt buys sh @ $0.75 to Dec 31/18 JDL Gold Corp. (JDL.WT) - Wt buy sh @ $3.00 to Oct 06/21 Jet Metal (JET.WT) - Wt buys sh @ $0.25 to Sep 16/19 Jet Metal (JET.WT.A) - Wt buys sh @ $0.5 to Feb 28/19 Kootenay Silver Inc. (KTN.WT) - Wt buys sh @ $0.55 to Apr 21/21 Mission Gold (MGL.WT) - Wt buys sh @ $0.17 to Sep 13/17 Monarques Gold (MQR.WT.A) - Wt buys sh @ $0.18 to Dec 15/17 Rainy Mountain Royalty Corp. (RMO.WT) - Wt buys sh @ $0.15 to Mar 1/18 and sh @ $0.25 from Mar 2/18 to Mar 1/19 Rainy Mountain Royalty Corp. (RMD.WT) - Wt buys sh @ $0.15 to Mar 1/18 and sh @ $0.25 from Mar 2/18 to Mar 1/19 Silvercrest Metals Inc. (SIL.WT) - Wt buys sh @ $3 to Dec 06/18 Sunridge Gold (SGC.WT) - Wt buys sh @ $0.35 to Oct 18/17 Trek Mining (TREK.WT) - Wt buy sh @ $3.00 to Oct 06/21 West Kirkland Mining (WKM.WT) - Wt buys sh @ $0.3 to Apr 17/19

NORTH AMERICAN STOCK EXCHANGE INDICES

52-week

May 19 May 18 May 17 May 16 May 15 High Low Index S&P/TSX Composite 15458.46 15277.20 15273.68 15543.33 15629.47 15527.30 12400.15 S&P/TSXV Composite 806.90 800.88 807.87 808.27 805.09 1050.26 883.52 910.58 900.21 898.89 915.88 922.56 896.74 709.99 S&P/TSX 60 S&P/TSX Global Gold 212.02 211.26 216.65 214.07 213.59 218.90 149.29 DJ Precious Metals 178.52 176.77 181.39 179.60 178.12 420.72 130.95

NEW 52-WEEK HIGHS AND LOWS MAY 15–19, 2017 74 New Highs Am Sierra Gold* Amador Gold Amarc Res* Anglo-Can Mng* Antipodes Gold* Arizona Silver Arizona Silver* Atlantic Gold Aurania Res* Aurion Res Aztec Minerals Barkerville Go Barkerville Go* BonTerra Res BonTerra Res* Cameo Res Cameo Res* CANEX Metals * Centerra Gold CNRP Mng

Copperbank Res* Cornerstone Ca Cornerstone Ca* Crystal Explor* Curlew Lke Res Cyclone Uran* Desert Star DV Resources East Asia Mnls East Asia Mnls* Edgewater Expl* Eloro Mnrls Eloro Mnrls* Fura Gems Geodex Mnrls Glen Eagle Res Gray Rock Res Handa Copper Highbury Proj Integra Gold Integra Gold*

Inter-Rock Mnl Kenadyr Mining* Leeta Gold Lucky Mnls Magnus Intl* Mariana Res* Mason Res MAX Res Napier Vent NewRange Gold* Nighthawk Gold Nrthn Lion* Panoro Mnrls Pinecrest Res Renforth Res Rheingold Expl Royal Sapphire Sabina Gd&Slvr Sabina Gd&Slvr* Shore Gold Strata Mnls

Teranga Gold Thor Expl Timmins Gold Timmins Gold* Visible Gold M Wealth Mnrls Wealth Mnrls* Westminster Rs White Gold White Gold* Wolfden Res* X-Terra Res*

46 New Lows Amarc Res* American Lith Ashburton Vent Aston Bay Aurum* Banro Banro* Condor Gold*

DRDGOLD* Elcora Res* Global Energy GMV Minerals* Goldsource Min IEMR Res Kenadyr Mining* Kootenay Zinc* Leo Res* Manganese X* McLaren Res Mosaic* NGEx Res Niocorp Dev Niocorp Dev* Noram Vent* Novo Res* Paladin Energy Paladin Energy* Platinex Inc PolyMet Mng

PolyMet Mng* Rojo Res* Sibanye Gold* Silver Bull Re Silver Bull Re* Taranis Res* Terrax Mnrls* Tirex Res* Turquoise HIl Turquoise HIl* Ucore Rare Mtl Vanadium One Viscount Mng Western Potash Western Uran* Westmoreland* Ximen Mng*

CANADIAN GOLD MUTUAL FUNDS Fund May 19 ($) May 12 ($) Change ($) Change (%) YTDChange (%) MER (%) TotalAssets (M$) AGF Prec Mtls Fd MF 23.73 23.41 0.32 1.37 2.85 2.80 156.27 BMO Prec Mtls Fd A 19.20 19.05 0.15 0.77 4.98 2.40 68.41 10.26 10.38 -0.13 -1.23 5.05 0.63 BMO ZGD BMO ZJG 8.43 8.43 0.00 0.00 2.67 0.60 CIBC Prec Metal Fd A 11.38 11.42 -0.03 -0.29 5.09 2.58 54.95 Dyn Prec Metls Fd A 6.80 6.69 0.11 1.64 8.54 2.75 364.10 Horizons HEP -0.96 -3.56 9.20 0.81 IGMacGloPrecMetCl A 9.32 9.18 0.14 1.50 7.21 2.75 48.58 iShares XGD 13.26 13.38 -0.12 -0.91 7.08 0.55 796.33 Mac Prec Met Cl A 52.48 51.62 0.85 1.65 7.28 2.51 101.37 13.45 13.42 0.03 0.22 8.20 2.46 34.87 NBI Prc Met Fd Inv RBC GblPreMetFd A 35.06 34.70 0.37 1.06 12.18 2.12 411.12 Redw UITGoDe&ProCl A 10.00 10.00 0.00 Sentry Pre Met Fd A 38.48 38.30 0.19 0.49 -0.95 2.44 195.86 36.47 0.54 1.49 2.56 3.12 223.36 Sprott Gold&PrMinFdA 37.01 Sprott SilverEquCl A 6.70 6.70 0.00 0.05 1.86 3.09 141.62 37.11 36.78 0.33 0.90 4.05 2.26 136.64 TD PreciousMetalsInv

LEGEND A – Australian Stock Exchange C – CNSX Canadian National Stock Exchange J – Johannesburg Stock Exchange L – London Stock Exchange M – Mexico Stock Exchange N – New York Stock Exchange O – U.S. over-the-counter Q – NASDAQ or U.S. OTC T – Toronto Stock Exchange V – TSX Venture Exchange X – NYSE Alternext U.S. * – Denotes price in U.S.$

19_MAY29_MMMM.indd 19

STAFF INVESTMENT POLICY The Northern Miner does not permit any editorial employee to file stories about companies in which the writer owns shares. Editorial employees are also not permitted to take part in initial public offerings or to engage in short selling.

CONVERSIONS OF WEIGHTS & MEASURES 1 troy ounce = 31.1 grams 1 kilogram = 32.15 troy ounces 1 kilogram = 2.2046 pounds 1 (metric) tonne = 1,000 kilograms 1 (metric) tonne = 2,204.6 pounds 1 (short) ton = 2,000 pounds 1 (metric) tonne = 1.1023 (short) tons

1 gram per (metric) tonne = 0.02917 troy ounces per (short) ton = 0.03215 troy ounces per (metric) tonne 1 kilometre = 0.6214 miles 1 hectare = 2.47 acres

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Contact: moliveira@northernminer.com or 416-510-6768

2017-05-23 8:17 PM

WWW.NORTHERNMINER.COM

MAY 29–JUNE 11, 2017 / THE NORTHERN MINER

S T O C K TA B L E S

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: MAY 15–19, 2017 (100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

A Abacus Mng &Ex* O 68 0.49 0.42 0.44 - 0.01 2.88 0.06 Abcourt Mines V 943 0.09 0.08 0.08 - 0.01 0.13 0.07 Abcourt Mines* O 100 0.07 0.06 0.06 - 0.01 0.10 0.05 V 280 0.40 0.25 0.33 - 0.01 0.50 0.04 ABE Resources Aben Res* O 17 0.08 0.00 0.08 + 0.01 0.26 0.05 Aberdeen Intl* O 555 0.10 0.09 0.09 + 0.00 0.15 0.09 Aberdeen Intl T 345 0.14 0.13 0.14 + 0.01 0.19 0.13 Abitibi Royalt V 33 9.25 8.67 9.00 - 0.24 10.75 5.50 O 64 0.40 0.31 0.40 + 0.05 0.42 0.31 AbraPlata Res* AbraPlata Res V 463 0.54 0.42 0.54 + 0.11 0.59 0.00 Active Growth V 12521 0.19 0.15 0.19 + 0.04 0.38 0.04 Adamera Mnls* O 348 0.18 0.13 0.15 + 0.01 0.18 0.04 Adamera Mnls V 2018 0.21 0.18 0.19 - 0.01 0.24 0.05 Advantage Lith* O 165 0.38 0.35 0.36 + 0.00 1.01 0.34 0.75 + 0.03 0.99 0.72 Adventus Zinc V 21 0.75 0.00 African Gold V 447 0.08 0.07 0.08 - 0.01 0.12 0.04 African Queen V 639 0.06 0.05 0.05 - 0.01 0.14 0.03 66.59 + 0.26 78.35 46.91 Agnico Eagle T 3479 68.76 65.46 Agnico Eagle* N 9533 50.59 48.06 49.24 + 0.82 60.10 35.05 T 1679 125.90 119.58 125.12 + 0.45 146.99 114.04 Agrium N 2482 93.11 87.82 92.52 + 1.55 111.88 87.62 Agrium* 0.03 0.03 0.03 - 0.23 1.35 0.25 Aguila Amer Gd V 1565 34989 0.01 0.01 0.01 + 0.00 0.20 0.00 Aim Explor* O Alabama Graph V 416 0.15 0.14 0.14 - 0.01 0.22 0.11 O 158 0.11 0.10 0.11 - 0.01 0.17 0.08 Alabama Graph* Alacer Gold T 5615 2.27 2.09 2.11 - 0.10 3.79 1.75 Alamos Gold T 3923 9.38 8.76 8.98 + 0.05 13.65 7.68 6.90 6.42 6.63 + 0.09 10.41 5.85 Alamos Gold* N 10996 Alaska Pac Egy* O 263803 0.00 0.00 0.00 - 0.00 0.19 0.00 Alberta Star* O 13 0.28 0.00 0.28 + 0.01 0.37 0.16 Alcoa* N 14148 32.88 31.10 32.29 + 0.50 39.78 20.00 Alderon Iron* O 175 0.21 0.20 0.21 + 0.01 0.60 0.08 0.28 + 0.01 0.80 0.08 Alderon Iron T 458 0.29 0.27 Aldershot Res V 170 0.07 0.06 0.07 + 0.01 0.10 0.03 Aldever Res* O 6 0.06 0.00 0.05 - 0.01 0.11 0.04 Aldridge Min V 330 0.19 0.17 0.19 + 0.02 0.34 0.16 Alexandria Min* O 2366 0.07 0.05 0.06 + 0.00 0.10 0.03 1.31 - 0.07 2.54 1.02 Alexco Res* X 1554 1.46 1.26 Alexco Res T 453 1.97 1.72 1.78 - 0.11 3.31 1.31 0.23 + 0.03 0.44 0.17 Algold Res V 727 0.23 0.20 Alianza Min* O 4 0.10 0.09 0.09 - 0.01 0.17 0.05 Alix Res* O 12 0.04 0.03 0.03 - 0.00 0.12 0.03 V 3525 0.06 0.05 0.06 + 0.02 0.18 0.04 Alix Res Alliance Res* D 1338 23.05 21.75 22.30 - 0.55 26.65 13.95 1.74 - 0.17 2.44 1.01 Almaden Mnls T 269 2.01 1.71 Almaden Mnls* X 1668 1.48 1.27 1.29 - 0.13 1.88 0.75 Almadex Min V 193 1.20 1.12 1.13 + 0.02 2.00 0.34 0.83 + 0.01 1.51 0.25 Almadex Min* O 238 0.89 0.80 Almonty Ind V 55 0.27 0.25 0.26 - 0.01 0.44 0.20 0.40 + 0.01 0.40 0.20 Alphamin Res V 663 0.40 0.38 Alset Minerals* O 13 0.12 0.10 0.10 + 0.00 0.65 0.06 Alta Vista Vnt* O 34 0.08 0.08 0.08 + 0.00 0.10 0.03 2774 0.13 0.11 0.12 - 0.01 0.13 0.03 Alta Vista Vnt Altair Res Inc V 176 0.30 0.29 0.30 + 0.01 0.70 0.16 0.23 - 0.04 0.30 0.23 Altamira Gold V 176 0.28 0.23 Altamira Gold* O 90 0.20 0.17 0.17 - 0.03 0.31 0.16 Alternative ER* O 161 0.16 0.00 0.15 - 0.00 0.46 0.13 0.24 - 0.01 0.28 0.08 Altiplano Mnls V 409 0.26 0.24 Altius Mnrls T 344 11.22 10.73 10.85 - 0.07 14.06 9.01 0.11 + 0.01 0.14 0.04 Alto Vent V 325 0.14 0.11 Altura Mng Ltd* O 159 0.12 0.10 0.11 - 0.00 0.30 0.09 Alturas Mnrls V 9 0.02 0.00 0.02 - 0.01 0.08 0.01 5.52 + 0.10 6.24 3.62 Alumina Inc* O 98 5.54 5.35 ALX Uranium* O 52 0.08 0.06 0.07 + 0.00 0.12 0.05 100 0.30 0.28 0.28 - 0.00 0.35 0.05 Am CuMo Mng* O Am CuMo Mng V 320 0.41 0.38 0.38 + 0.01 0.48 0.08 Am Manganese* O 37 0.14 0.13 0.14 + 0.01 0.27 0.01 Am Manganese V 370 0.20 0.18 0.19 + 0.01 0.38 0.02 Am Sierra Gold* O 3 0.05 0.00 0.01 - 0.03 0.05 0.01 0.33 + 0.05 0.40 0.10 Amador Gold V 65 0.39 0.33 Amarc Res* O 40 0.14 0.00 0.13 - 0.01 0.14 0.04 Amarillo Gold V 104 0.37 0.34 0.36 + 0.01 0.68 0.22 Amato Expl V 69 0.04 0.03 0.03 - 0.01 0.10 0.01 Amazing OG* O 74 0.28 0.23 0.25 + 0.01 1.06 0.05 254 0.02 0.02 0.02 - 0.00 0.10 0.01 Amer Intl Vent* O Amer Vanadium* O 117 0.02 0.01 0.02 - 0.00 0.07 0.00 Amer Vanadium V 119 0.02 0.02 0.02 - 0.01 0.04 0.01 0.10 - 0.01 1.62 0.10 American Lith V 979 0.11 0.10 American Lith* O 51 0.08 0.07 0.07 - 0.00 1.24 0.07 0.07 - 0.04 0.13 0.03 American Pot* O 9 0.07 0.00 American Pot 264 0.11 0.08 0.10 + 0.02 0.19 0.03 Americas Silvr* X 173 3.11 2.76 3.01 + 0.18 3.65 2.39 4.06 + 0.17 5.76 2.70 Americas Silvr T 287 4.22 3.81 Amerigo Res* O 634 0.44 0.41 0.44 + 0.01 0.63 0.10 0.29 + 0.01 0.38 0.11 Amex Expl V 108 0.35 0.25 Anaconda Mng T 3015 0.08 0.07 0.07 + 0.01 0.11 0.05 Anaconda Mng* O 38 0.05 0.04 0.05 - 0.00 0.09 0.04 0.01 - 0.01 0.03 0.00 Andes Gold* O 47 0.02 0.00 Anfield Nickel V 2326 0.51 0.45 0.47 + 0.04 1.94 0.43 Anfield Res* O 36 0.06 0.06 0.06 - 0.00 0.22 0.04 Angel Gold* O 163 0.07 0.06 0.06 - 0.00 0.11 0.04 Angel Gold V 295 0.09 0.09 0.09 + 0.01 0.15 0.06 0.31 + 0.01 0.50 0.27 Angkor Gold V 57 0.32 0.28 Anglo American* O 9 14.13 0.00 14.13 + 0.85 17.61 8.33 Anglo American* O 623 7.12 6.80 7.08 + 0.42 8.87 4.08 Anglo-Bomarc V 217 0.12 0.09 0.12 + 0.01 0.19 0.05 Anglo-Can Mng V 88 0.16 0.00 0.16 - 0.03 0.30 0.05 Anglo-Can Mng* O 1 0.11 0.10 0.10 - 0.01 0.11 0.04 AngloGold Ash* N 21572 11.89 11.03 11.59 + 0.28 22.91 9.28 Antioquia Gold* O 124 0.12 0.07 0.09 - 0.03 0.14 0.05 V 2388 0.17 0.10 0.12 - 0.04 0.20 0.06 Antioquia Gold Antler Gold V 86 0.68 0.57 0.62 + 0.02 1.00 0.51 10.60 + 0.72 11.00 5.76 Antofagasta* O 50 10.64 10.15 Apogee Opport * O 2 0.11 0.11 0.11 - 0.02 0.32 0.11 Apogee Opport V 23 0.22 0.00 0.22 + 0.05 0.44 0.14 0.16 - 0.03 0.47 0.13 Appia Energy 747 0.20 0.15 Applied Mrnls* O 3682 0.05 0.02 0.04 - 0.01 0.19 0.02 Aquila Res* O 149 0.20 0.18 0.18 + 0.00 0.25 0.14 Aquila Res T 195 0.26 0.24 0.26 + 0.02 0.32 0.18 Arch Coal* N 1263 75.46 70.80 72.88 - 0.53 86.47 59.05 Arctic Star* O 8 0.18 0.15 0.16 - 0.02 0.20 0.04 Arctic Star V 1009 0.25 0.18 0.25 - 0.02 0.29 0.06 Arcus Dev Grp V 74 0.14 0.13 0.13 - 0.02 0.20 0.04 Arena Mnls* O 61 0.13 0.11 0.12 + 0.00 0.25 0.10 O 50 0.13 0.12 0.12 - 0.01 0.63 0.12 Argentina Lith* Argentina Lith V 235 0.18 0.00 0.16 - 0.02 0.83 0.05 0.21 + 0.01 0.26 0.06 Argo Gold 2079 0.23 0.18 Argonaut Gold* O 165 1.65 1.54 1.58 + 0.01 3.38 1.12 Argonaut Gold T 4007 2.24 2.08 2.12 - 0.01 4.45 1.48 Arian Silver* O 132 0.02 0.01 0.01 - 0.00 0.06 0.00 Arianne Phosph V 154 0.90 0.84 0.90 + 0.01 1.10 0.70 O 64 0.66 0.62 0.65 - 0.01 0.84 0.52 Arianne Phosph* Arizona Mng* O 102 1.73 1.53 1.73 + 0.16 2.64 0.92 Arizona Mng T 1632 2.37 2.08 2.34 + 0.18 3.49 1.19 Arizona Silver V 1916 0.83 0.53 0.81 + 0.21 0.83 0.04 0.55 + 0.12 0.46 0.15 Arizona Silver* O 313 0.56 0.39 Arrowstar Res V 432 0.05 0.04 0.04 - 0.01 0.17 0.04 Asanko Gold T 5546 3.37 2.90 2.92 - 0.37 6.09 2.80 Asanko Gold* X 14504 2.47 2.14 2.16 - 0.25 4.68 2.04 Asante Gold 773 0.14 0.10 0.13 + 0.03 0.27 0.10 2.00 + 0.13 2.83 1.00 Ascot Res V 237 2.10 1.87 Ashanti Sanko V 127 0.05 0.04 0.04 - 0.01 0.10 0.04 Ashburton Vent* O 11 0.16 0.16 0.16 + 0.00 0.24 0.09 Ashburton Vent V 83 0.22 0.00 0.20 + 0.01 0.65 0.09 AsiaBaseMetals V 17 0.40 0.30 0.30 - 0.10 0.45 0.12 Asiamet Res* O 34 0.05 0.05 0.05 - 0.00 0.08 0.03 Aston Bay V 208 0.15 0.13 0.13 - 0.03 0.49 0.13 Astorius Res V 302 0.13 0.11 0.12 - 0.02 0.41 0.03 ATAC Res V 812 0.61 0.52 0.54 + 0.01 0.95 0.32 Atacama Pac Gd* O 18 0.36 0.32 0.35 + 0.03 0.79 0.22 Atacama Pac Gd V 151 0.50 0.43 0.46 - 0.02 1.02 0.26 Athabasca Mnls* O 125 0.17 0.17 0.17 + 0.01 0.24 0.11 Atico Mng* O 97 0.56 0.51 0.54 + 0.02 0.75 0.29 Atico Mng V 106 0.74 0.70 0.73 + 0.02 0.99 0.35 Atlantic Gold V 2182 1.60 1.44 1.60 + 0.14 1.60 0.55 Atlatsa Res* O 89 0.04 0.04 0.04 + 0.00 0.10 0.04 Atlatsa Res T 26 0.06 0.05 0.06 + 0.01 0.13 0.05 Atom Energy * O 5 0.13 0.08 0.12 - 0.10 0.34 0.08 Atom Energy V 43 0.19 0.00 0.16 - 0.03 0.65 0.11 Aura Mnls T 27 1.80 1.49 1.72 + 0.05 2.80 1.40 Aura Mnls* O 5 1.26 1.22 1.26 + 0.03 1.42 1.13 Aurania Res* O 4 1.92 1.60 1.91 + 0.31 1.92 1.54 Aurania Res V 7 2.60 2.30 2.30 - 0.05 3.75 0.44 Aurcana Corp* O 54 0.25 0.22 0.22 - 0.03 0.63 0.19 Aurcana Corp V 188 0.35 0.29 0.29 - 0.03 0.80 0.24 AurCrest Gold V 1999 0.03 0.02 0.03 - 0.01 0.04 0.02 AuRico Metals * O 318 0.88 0.80 0.83 + 0.01 0.96 0.62 AuRico Metals T 460 1.20 1.10 1.14 - 0.02 1.26 0.82 Aurion Res V 374 2.08 1.85 1.99 - 0.03 2.08 0.14 Aurora Gold* O 260 0.01 0.00 0.00 - 0.00 0.01 0.00 Aurum* O 40 0.28 0.22 0.22 - 0.08 1.30 0.22 Aurvista Gold* O 753 0.22 0.17 0.22 + 0.03 0.34 0.09 Aurvista Gold V 3296 0.29 0.24 0.29 + 0.03 0.46 0.11 Auryn Res* O 280 2.61 2.27 2.36 + 0.12 3.18 1.50

20-22_MAY29_StockTables.indd 20

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Auryn Res T 586 Austral Gold* O 67 Austral Gold V 114 Avalon Adv Mat* O 418 Avarone Metals 65 Avesoro Res T 189 Avino Silver* X 804 Avino Silver V 92 Avnel Gold T 893 O 354 Avnel Gold * Avrupa Mnls V 218 Avrupa Mnls* O 5 Axmin Inc V 244 Axmin Inc* O 121 Azarga Mtls V 197 T 44 Azarga Uranium Azarga Uranium* O 26 O 157 Azincourt Uran* Azincourt Uran V 183 Aztec Minerals V 376 Azteca Gold* O 1020

3.55 3.10 3.18 + 0.09 4.17 1.96 0.13 0.10 0.11 - 0.02 0.19 0.08 0.17 0.16 0.16 + 0.01 0.22 0.12 0.12 0.10 0.11 - 0.01 0.21 0.00 0.03 0.02 0.02 - 0.01 0.11 0.02 0.04 0.04 0.04 - 0.01 0.10 0.02 1.70 1.55 1.55 - 0.09 3.14 1.12 2.34 2.13 2.13 - 0.11 4.05 1.52 0.28 0.26 0.27 - 0.01 0.39 0.18 0.21 0.19 0.20 - 0.00 0.30 0.13 0.11 0.10 0.10 - 0.01 0.25 0.09 0.08 0.07 0.08 - 0.00 0.19 0.06 0.05 0.00 0.04 - 0.01 0.10 0.02 0.03 0.02 0.02 - 0.00 0.06 0.01 0.21 0.15 0.15 - 0.03 0.60 0.15 0.32 0.00 0.29 - 0.04 0.57 0.18 0.25 0.21 0.21 - 0.03 0.44 0.14 0.08 0.07 0.08 + 0.01 0.22 0.03 0.11 0.10 0.10 - 0.01 0.28 0.04 0.65 0.37 0.44 + 0.07 0.65 0.36 0.00 0.00 0.00 - 0.00 0.01 0.00

B2Gold* X 26035 B2Gold T 22834 Bacanora Mnls V 164 Balmoral Res T 821 Balmoral Res* O 404 Bandera Gold V 18 Bannerman Res* O 97 Banro T 1455 X 8031 Banro* Bard Vent V 727 Barker Mnrls V 2166 O 565 Barkerville Go* Barkerville Go V 7906 Barrick Gold* N 67345 Barrick Gold T 14974 Barsele Min V 163 Barsele Min* O 25 17 Battle Mtn Gld* O 449 Battle Mtn Gld V Bayhorse Silvr* O 95 Bayhorse Silvr V 217 Bayswater Uran* O 9 Bayswater Uran V 243 BCGold V 351 V 96 BE Res Bear Creek Mng V 428 Bearing Res* O 5 Bearing Res V 516 Beaufield Res V 3035 Beaufield Res* O 1308 Beeston Ent* O 139 Bell Copper* O 21 Bellhaven Cp&G V 63 O 10 Bellhaven Cp&G* Belmont Res V 265 Belo Sun Mng T 1444 Benz Mining V 18 Berkwood Res V 69 Besra Gold* O 60 Bitterroot Res* O 86 Bitterroot Res V 410 Black Bull Res V 119 Black Hills* N 1937 16 Black Mam Mtls V Black Sea Cop V 142 Blackheath Res V 84 Blackrock Gold V 168 Blind Crk Res V 253 BLOX Inc* O 36 Blue Rvr Res V 4014 Blue Sky Uran* O 2 BonTerra Res V 3862 BonTerra Res* O 345 Borneo Res Inv* O 59798 Bowmore Expl V 265 Bravada Gold* O 26 Bravada Gold V 124 Braveheart Res V 79 Bravura Vent 31 Brazil Mnrls* O 218 BrightRock Gld* O 10 Brio Gold T 173 Brionor Res V 61 O 32 Britannia Mng* Brixton Mtls* O 214 Brixton Mtls V 306 Broadway Gold* O 302 V 804 Broadway Gold V 180 Buccaneer Gold Buenaventura* N 8384 Buffalo Coal V 122 Bullfrog Gold* O 110

2.59 2.39 2.49 + 0.02 3.65 1.75 3.51 3.27 3.36 - 0.01 4.74 2.28 1.52 1.45 1.48 - 0.04 1.95 1.01 0.73 0.69 0.73 + 0.05 1.28 0.62 0.55 0.50 0.54 + 0.05 0.99 0.46 0.07 0.06 0.07 + 0.01 0.15 0.02 0.04 0.03 0.03 - 0.00 0.08 0.01 0.16 0.12 0.12 - 0.04 0.62 0.12 0.12 0.08 0.09 - 0.03 0.48 0.08 0.03 0.03 0.03 + 0.01 0.04 0.01 0.02 0.01 0.02 + 0.01 0.03 0.01 1.03 0.78 0.88 + 0.11 1.03 0.29 1.39 1.05 1.19 + 0.12 1.39 0.41 17.38 16.50 16.65 - 0.22 23.47 13.81 23.66 22.39 22.51 - 0.60 30.45 18.52 0.99 0.81 0.90 + 0.03 1.62 0.61 0.64 0.60 0.63 - 0.03 1.25 0.49 0.38 0.35 0.37 + 0.00 0.73 0.22 0.51 0.47 0.50 + 0.01 0.95 0.29 0.11 0.10 0.10 - 0.02 0.22 0.08 0.17 0.15 0.16 + 0.01 0.29 0.11 0.02 0.02 0.02 + 0.00 0.07 0.01 0.06 0.04 0.06 + 0.02 0.09 0.02 0.04 0.00 0.04 - 0.01 0.10 0.03 0.08 0.07 0.08 + 0.01 0.50 0.06 2.70 2.28 2.64 + 0.37 3.77 1.72 0.67 0.60 0.60 - 0.04 1.41 0.30 0.92 0.81 0.86 - 0.02 1.83 0.13 0.28 0.25 0.27 + 0.03 0.34 0.06 0.21 0.18 0.21 + 0.04 0.25 0.04 0.00 0.00 0.00 + 0.00 0.01 0.00 0.06 0.04 0.06 + 0.01 0.07 0.02 0.47 0.00 0.47 + 0.06 0.78 0.18 0.34 0.30 0.32 + 0.00 0.61 0.14 0.08 0.06 0.08 + 0.02 0.11 0.05 0.68 0.55 0.60 + 0.03 1.14 0.50 0.32 0.30 0.30 - 0.02 0.40 0.15 0.31 0.29 0.31 + 0.02 1.23 0.03 0.00 0.00 0.00 - 0.00 0.01 0.00 0.18 0.16 0.18 + 0.01 0.22 0.02 0.24 0.21 0.24 + 0.02 0.29 0.03 0.07 0.06 0.07 - 0.01 0.15 0.06 69.20 67.17 67.63 - 0.90 69.65 54.76 0.19 0.17 0.17 - 0.01 0.25 0.06 0.22 0.21 0.21 - 0.01 0.54 0.20 0.06 0.05 0.06 - 0.01 0.13 0.05 0.07 0.06 0.06 - 0.01 0.18 0.06 0.27 0.24 0.25 + 0.01 0.34 0.05 0.20 0.12 0.12 - 0.09 0.35 0.01 0.04 0.03 0.04 + 0.01 0.08 0.03 0.17 0.00 0.16 + 0.03 0.47 0.13 0.55 0.44 0.48 + 0.04 0.55 0.21 0.38 0.33 0.36 + 0.04 0.38 0.15 0.00 0.00 0.00 - 0.00 0.00 0.00 0.14 0.13 0.14 + 0.01 0.16 0.07 0.18 0.17 0.17 - 0.00 0.31 0.10 0.25 0.24 0.24 - 0.01 0.40 0.13 0.06 0.05 0.05 - 0.01 0.08 0.03 0.33 0.33 0.33 + 0.13 5.90 0.20 0.03 0.00 0.03 + 0.01 0.50 0.00 0.00 0.00 0.00 - 0.00 0.01 0.00 2.98 2.94 2.96 + 0.01 3.59 2.94 0.07 0.06 0.07 + 0.01 0.07 0.02 0.00 0.00 0.00 - 0.00 0.02 0.00 0.29 0.25 0.27 - 0.02 0.92 0.15 0.42 0.35 0.36 - 0.04 1.20 0.18 0.57 0.48 0.51 + 0.03 1.29 0.22 0.78 0.66 0.69 - 0.01 1.70 0.07 0.06 0.05 0.06 - 0.01 0.08 0.02 12.82 12.05 12.35 - 0.26 16.45 9.02 0.02 0.01 0.02 + 0.01 0.03 0.01 0.08 0.07 0.07 - 0.00 0.19 0.03

C Cache Expl V 240 Caledonia Mng T 169 Caledonia Mng* Q 69 Calibre Mng V 2029 California Gld V 73 California Go* O 95 Callinex Mines* O 292 Callinex Mines V 496 Cameco Corp T 5307 Cameco Corp* N 8843 Cameo Res* O 1 Cameo Res V 190 Camino Mnls* O 44 Camino Mnls V 527 Camrova Res V 85 Camrova Res* O 2 Canadian Zeol* O 33 Canadian Zeol V 209 CanAlaska Uran V 174 CanAlaska Uran* O 116 O 113 Canamex Res* Canamex Res V 315 Canarc Res T 457 Canarc Res* Q 252 Canasil Res V 607 Candelaria Mg V 20 Candente Coppr T 323 Candente Gold* O 84 Candente Gold V 125 Canex Energy V 5 CANEX Metals * O 58 CaNickel Mng V 11 Canoe Mng Vent V 18 Canstar Res* O 3 Canstar Res V 109 Cantex Mn Dev V 635 Canuc Res V 377 Canuc Res* O 9 Canyon Copper V 270 Capstone Mng T 3300 Cardero Res* O 70 Cariboo Rose V 176 Cartier Res V 1652 Carube Copper V 19 Cascadero Copp V 599 Cassius Vents V 3 Castle Res 2 Castle Silver V 159 Castle Silver* O 1 Cava Res V 779 Cda Carbon* O 105 Cda Carbon V 495 Cda Rare Earth V 422 22 Cda Rare Earth* O Cda Strtgc Met V 446 Cda Zinc Mtls V 164 Cdn Metals 438 Cdn Orebodies V 293 Cdn Orebodies* O 13 Cdn Platinum V 3166 Cdn Silvr Hunt V 14 Cdn Zinc* Q 123 Cdn Zinc T 436 Centamin T 116 Centaurus Diam* O 92 Centenera Mng* O 31 Centenera Mng V 203 Centerra Gold T 5458

0.26 0.21 0.26 + 0.03 0.26 0.05 1.75 1.54 1.62 - 0.16 2.42 1.18 1.29 1.12 1.21 - 0.03 1.84 0.87 0.19 0.16 0.17 - 0.02 0.30 0.10 0.40 0.29 0.36 - 0.01 0.76 0.29 0.27 0.21 0.27 - 0.03 0.56 0.21 0.26 0.23 0.23 - 0.01 0.54 0.21 0.35 0.31 0.32 - 0.02 0.69 0.28 13.75 12.76 13.32 - 0.15 17.65 9.88 10.08 9.36 9.84 + 0.02 13.36 7.41 1.11 0.00 1.08 + 0.03 1.11 0.24 1.54 1.30 1.42 - 0.08 1.75 0.31 0.93 0.84 0.92 + 0.01 1.62 0.00 1.29 1.14 1.25 - 0.05 2.23 0.14 0.13 0.12 0.12 - 0.02 0.40 0.10 0.09 0.09 0.09 - 0.00 0.21 0.07 0.46 0.40 0.42 - 0.02 1.46 0.07 0.63 0.53 0.57 - 0.04 1.95 0.10 0.43 0.37 0.42 + 0.01 1.55 0.36 0.32 0.27 0.31 + 0.00 1.20 0.27 0.11 0.09 0.10 - 0.01 0.13 0.07 0.15 0.13 0.15 + 0.02 0.30 0.10 0.11 0.10 0.10 - 0.01 0.14 0.06 0.08 0.07 0.08 + 0.00 0.11 0.04 0.20 0.17 0.19 + 0.02 0.73 0.14 0.95 0.92 0.92 - 0.02 1.19 0.36 0.09 0.08 0.08 - 0.01 0.18 0.07 0.03 0.02 0.02 - 0.00 0.06 0.02 0.04 0.00 0.04 + 0.01 0.09 0.03 0.42 0.40 0.40 - 0.02 0.75 0.15 0.05 0.05 0.05 + 0.00 0.10 0.03 0.22 0.00 0.22 + 0.01 0.33 0.05 0.06 0.00 0.06 - 0.01 0.10 0.03 0.07 0.07 0.07 + 0.01 0.17 0.06 0.11 0.10 0.11 + 0.01 0.23 0.00 0.05 0.04 0.04 - 0.01 0.15 0.04 0.47 0.35 0.36 - 0.12 0.55 0.16 0.35 0.29 0.31 - 0.05 0.39 0.13 0.04 0.04 0.04 + 0.01 0.08 0.01 0.94 0.85 0.94 + 0.02 1.81 0.60 0.08 0.07 0.07 - 0.00 0.19 0.07 0.13 0.11 0.11 + 0.01 0.26 0.05 0.31 0.27 0.30 + 0.03 0.32 0.11 0.13 0.12 0.13 + 0.01 0.20 0.06 0.13 0.12 0.13 - 0.01 0.17 0.07 0.04 0.00 0.04 - 0.01 0.06 0.02 0.22 0.00 0.22 - 0.03 0.42 0.01 0.25 0.23 0.24 + 0.01 0.30 0.02 0.17 0.00 0.17 - 0.00 0.22 0.03 0.24 0.20 0.23 - 0.01 0.78 0.06 0.16 0.15 0.16 + 0.02 0.26 0.15 0.23 0.20 0.20 - 0.01 0.32 0.20 0.05 0.04 0.04 - 0.01 0.06 0.03 0.03 0.03 0.03 + 0.00 0.05 0.01 0.13 0.11 0.12 - 0.01 0.26 0.08 0.28 0.27 0.28 + 0.01 0.48 0.14 0.07 0.06 0.07 + 0.01 0.39 0.05 0.44 0.38 0.40 + 0.03 0.53 0.19 0.30 0.28 0.28 + 0.01 0.39 0.00 0.02 0.01 0.01 - 0.01 0.03 0.01 0.06 0.00 0.06 + 0.02 0.09 0.02 0.14 0.12 0.13 - 0.01 0.32 0.11 0.19 0.17 0.17 - 0.02 0.41 0.16 2.98 2.75 2.96 + 0.17 3.23 1.72 0.05 0.00 0.05 + 0.01 0.28 0.01 0.18 0.17 0.18 + 0.04 0.37 0.10 0.26 0.23 0.25 + 0.01 0.50 0.15 8.32 7.89 8.18 + 0.19 8.32 5.56

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Centurion Mnls V 819 0.07 0.05 0.06 - 0.01 0.10 0.05 Ceylon Graph V 444 0.23 0.20 0.23 + 0.01 0.45 0.17 Chalice Gold M T 261 0.17 0.17 0.17 + 0.01 0.21 0.14 Chalice Gold M* O 14 0.14 0.11 0.14 + 0.03 0.18 0.09 Champion Bear V 21 0.20 0.16 0.20 + 0.03 0.28 0.06 Champion Iron T 1086 0.98 0.90 0.92 - 0.03 1.47 0.17 Champion Iron* O 226 0.72 0.67 0.71 - 0.01 1.12 0.14 Chantrell Vent V 246 0.08 0.07 0.08 + 0.01 0.19 0.05 Chesapeake Gld* O 25 2.89 2.74 2.74 - 0.06 5.03 2.28 Chesapeake Gld V 44 4.08 3.71 3.74 - 0.10 6.50 3.00 106.52 + 0.56 119.00 97.53 Chevron Corp* N 32035 107.71 103.84 Chilean Metals V 36 0.16 0.14 0.16 + 0.02 0.33 0.10 Chilean Metals* O 21 0.12 0.11 0.12 + 0.00 0.24 0.07 China Gold Int T 2616 2.21 2.02 2.03 - 0.14 3.67 1.84 China Mnls Mng* O 7 0.01 0.01 0.01 - 0.01 0.02 0.00 China Mnls Mng V 11 0.01 0.00 0.01 - 0.01 0.03 0.01 Cibolan Gold* O 218 0.01 0.00 0.01 - 0.00 0.13 0.00 0.11 - 0.01 0.19 0.06 CKR Carbon V 587 0.12 0.10 Claim Post Res V 111 0.06 0.05 0.06 + 0.01 0.06 0.02 0.05 + 0.01 0.13 0.03 Clean Comm* O 2 0.05 0.00 Clear Mtn Res V 1219 0.77 0.64 0.72 - 0.02 2.03 0.10 0.11 - 0.01 0.16 0.09 Clifton Mng* O 37 0.12 0.10 Cloud Peak En* N 3899 3.60 3.31 3.49 + 0.05 8.04 1.64 CMC Metals V 330 0.11 0.10 0.11 - 0.01 0.20 0.08 24 0.10 0.08 0.10 + 0.02 0.10 0.05 CMX Gold & Sil CNRP Mng 14 0.30 0.00 0.25 + 0.07 12.50 0.18 709 0.10 0.09 0.09 - 0.02 0.18 0.04 Cobalt Pwr Grp V CobalTech M’g* O 27 0.11 0.10 0.10 - 0.00 0.32 0.01 CobalTech M’g V 654 0.15 0.12 0.12 - 0.03 0.45 0.02 N 19422 9.96 8.86 9.44 + 0.08 16.41 6.98 Coeur Mng* Colibri Res V 27 0.20 0.11 0.20 + 0.05 0.23 0.11 V 331 0.02 0.00 0.02 + 0.01 0.04 0.01 Colombia Crest Colonial Coal V 330 0.15 0.13 0.14 + 0.01 0.24 0.07 Colorado Res V 491 0.28 0.26 0.27 - 0.01 0.71 0.18 Colorado Res* O 33 0.20 0.20 0.20 + 0.01 0.54 0.13 O 326 0.69 0.56 0.66 + 0.09 0.83 0.31 Columbus Gold* T 450 0.94 0.76 0.89 + 0.12 1.09 0.42 Columbus Gold Commander Res V 16 0.05 0.05 0.05 - 0.01 0.08 0.04 Comstock Mtls V 157 0.14 0.13 0.13 - 0.02 0.43 0.12 12 0.09 0.09 0.09 - 0.02 0.33 0.09 Comstock Mtls * O Condor Gold* O 55 0.80 0.80 0.80 - 0.02 0.82 0.80 0.13 - 0.01 0.19 0.06 Condor Res V 1617 0.14 0.12 Confedertn Ml* O 16 0.41 0.39 0.41 + 0.02 0.80 0.31 Cons Woodjam V 23 0.08 0.07 0.08 + 0.01 0.09 0.04 N 14139 16.77 15.14 16.08 - 0.17 22.34 12.69 CONSOL Energy* Contintl Gold T 3670 3.77 3.42 3.56 - 0.08 5.75 2.32 Contintl Gold* O 218 2.75 2.52 2.64 - 0.02 4.39 1.83 Copper Ck Gold* O 100 0.03 0.03 0.03 + 0.00 0.06 0.03 93 0.06 0.04 0.06 + 0.01 0.11 0.04 Copper Ck Gold V 506 0.13 0.12 0.12 + 0.01 0.19 0.11 Copper Fox Mtl V Copper Fox Mtl* O 8 0.10 0.08 0.10 + 0.00 0.14 0.08 160 0.60 0.55 0.59 + 0.01 1.02 0.32 Copper Mtn Mng* O Copper Mtn Mng T 974 0.83 0.75 0.81 + 0.01 1.32 0.40 6 0.08 0.00 0.08 - 0.01 0.23 0.08 Copper North M V Copper One V 366 0.05 0.04 0.04 - 0.01 0.30 0.03 Copper Reef Mg 346 0.03 0.02 0.02 - 0.01 0.05 0.02 0.11 + 0.01 0.13 0.03 Copperbank Res 310 0.11 0.10 O 64 0.23 0.23 0.23 + 0.00 0.30 0.12 Coral Gold * Coral Gold V 142 0.33 0.31 0.32 - 0.01 0.39 0.16 Cordoba Mnls* O 613 0.84 0.65 0.70 - 0.07 1.21 0.44 Cordoba Mnls V 2139 1.16 0.88 0.95 - 0.10 1.59 0.57 0.13 + 0.02 0.20 0.10 Corex Gold V 1125 0.13 0.12 V 3405 0.52 0.45 0.49 - 0.01 0.52 0.04 Cornerstone Ca Cornerstone Ca* O 529 0.40 0.33 0.37 - 0.00 0.40 0.03 0.13 - 0.01 0.20 0.09 Coro Mining T 348 0.14 0.12 Coronet Mtls* O 6 0.15 0.12 0.15 + 0.03 0.56 0.12 1.85 + 0.07 3.82 0.80 Corsa Coal V 400 1.94 1.75 Corsa Coal * O 26 1.42 1.29 1.32 + 0.03 2.93 1.15 Corvus Gold* O 66 0.62 0.55 0.57 - 0.03 1.05 0.37 0.80 - 0.03 1.38 0.50 Corvus Gold T 109 0.89 0.75 Cougar Mnls V 536 0.42 0.39 0.40 - 0.02 0.82 0.28 338 0.02 0.02 0.02 - 0.01 0.04 0.02 Crazy Horse Res V Cresval Cap V 242 0.04 0.04 0.04 - 0.01 0.05 0.04 Critical Elem* O 17 0.56 0.54 0.56 + 0.03 0.70 0.31 0.70 - 0.01 0.95 0.39 Critical Elem V 638 0.77 0.70 Crown Mining V 1583 0.12 0.10 0.10 - 0.01 0.18 0.07 0.13 + 0.00 0.23 0.07 Cruz Cobalt* O 141 0.15 0.13 Cruz Cobalt V 878 0.20 0.18 0.19 - 0.01 0.31 0.04 Crystal Explor V 140 0.11 0.10 0.11 + 0.01 0.20 0.10 Crystal Lake V 26 0.27 0.25 0.25 - 0.02 0.43 0.22 0.44 - 0.04 0.56 0.18 Crystal Peak V 40 0.48 0.44 139 1.15 0.95 1.15 + 0.36 1.15 0.05 Curlew Lke Res V Currie Rose Rs V 510 0.03 0.02 0.03 + 0.01 0.05 0.01 Cyclone Uran* O 316 0.02 0.00 0.01 - 0.00 0.02 0.00 0.09 + 0.00 0.15 0.07 Cypress Dev* O 34 0.10 0.08 0.12 - 0.01 0.20 0.10 Cypress Dev V 924 0.13 0.12

D-F Dajin Res V 373 Dajin Res* O 436 Dakota Ter Res* O 21 Dalradian Res* O 289 Dalradian Res T 1706 Damara Gold V 401 Danakali* O 128 Darnley Bay* O 183 Darnley Bay V 1249 Decade Res* O 1520 Decade Res V 1267 Deep-South Res V 110 Defiance Silvr V 253 Defiance Silvr* O 96 Denison Mines* X 1246 Desert Gold V 44 Desert Star V 171 O 84 Diamante Min* Diamcor Mng V 105 Diamcor Mng* O 41 Diamond Disc* O 1080 V 91 Diamond Fields Dios Expl V 319 Discovery Mnls* O 5794 Diversified Rs* O 38 DNI Metals 679 DNI Metals* O 212 Dolat Ventures* O 49191 Dolly Vard Sil* O 147 255 Dolly Vard Sil V Dominion Diam T 758 Dominion Diam* N 2835 Dorex Mnrls V 437 Double Crn Res* O 275 Doubleview Cap V 276 DRDGOLD* N 1476 Dundee Prec Mt T 1125 Duran Vent V 228 Duran Vent * O 36 Durango Res V 387 DV Resources V 267 Dynacor Gld Mn T 113 Dynamic Gold* O 1 DynaResource* O 16 Dynasty Met&Mn* O 1 Dynasty Met&Mn V 51 Eagle Plains V 685 East Africa V 345 East Africa * O 16 8 East Asia Mnls* O East Asia Mnls V 460 Eastern Platin* O 162 Eastern Platin T 268 Eastmain Res* O 433 Eastmain Res T 3716 Eco Oro Mnls T 76 eCobalt Solns* O 340 Edgewater Expl V 227 Edgewater Expl* O 78 El Capitan Prc* O 2304 El Nino Vent V 45 Elcora Res V 258 Elcora Res* O 52 Eldorado Gold* N 68632 Eldorado Gold T 36434 Electra Stone V 3189 Eloro Mnrls* O 215 Eloro Mnrls V 282 Ely Gold & Mnl V 321 Ely Gold & Mnl* O 244 Elysee Dev V 72 Emerita Res V 159 Emgold Mng* O 10 Encanto Potash V 1364 Encanto Potash* O 255 Endeavour Mng* O 65 Endeavour Mng T 1892 Endeavr Silver* N 12977

0.11 0.10 0.11 + 0.01 0.24 0.09 0.08 0.07 0.08 + 0.00 0.19 0.06 0.07 0.04 0.06 - 0.01 0.20 0.02 1.07 0.97 1.05 + 0.08 1.27 0.73 1.45 1.32 1.42 + 0.09 1.68 0.95 0.07 0.06 0.06 - 0.01 0.11 0.04 0.53 0.51 0.53 + 0.04 0.65 0.20 0.20 0.16 0.17 - 0.02 0.44 0.07 0.27 0.23 0.24 - 0.02 0.57 0.08 0.06 0.04 0.06 + 0.01 0.10 0.03 0.08 0.06 0.08 + 0.02 0.13 0.04 0.19 0.18 0.18 - 0.02 0.39 0.15 0.37 0.31 0.35 + 0.05 0.63 0.19 0.27 0.23 0.26 + 0.03 0.49 0.15 0.53 0.49 0.53 + 0.01 0.84 0.37 0.28 0.26 0.26 - 0.03 0.40 0.09 0.30 0.28 0.30 + 0.01 0.44 0.18 0.12 0.09 0.12 + 0.04 0.51 0.08 1.00 0.82 1.00 + 0.11 1.50 0.82 0.66 0.60 0.60 - 0.06 1.11 0.60 0.00 0.00 0.00 - 0.00 0.00 0.00 0.20 0.14 0.18 + 0.02 0.24 0.05 0.08 0.07 0.07 - 0.01 0.17 0.06 0.00 0.00 0.00 - 0.00 0.00 0.00 0.15 0.11 0.15 + 0.04 0.40 0.03 0.08 0.06 0.07 - 0.01 0.09 0.02 0.06 0.05 0.05 + 0.00 0.09 0.01 0.08 0.04 0.07 + 0.03 0.08 0.00 0.53 0.41 0.43 - 0.04 0.81 0.15 0.72 0.57 0.69 + 0.08 1.11 0.23 18.09 17.24 17.38 - 0.42 18.27 10.47 13.23 12.67 12.85 - 0.13 13.65 7.92 0.02 0.00 0.02 + 0.01 0.03 0.01 0.01 0.01 0.01 - 0.00 0.02 0.00 0.06 0.05 0.05 - 0.01 0.19 0.05 3.88 3.56 3.61 - 0.18 9.10 3.56 2.70 2.40 2.44 - 0.16 4.14 1.87 0.08 0.07 0.07 - 0.01 0.14 0.07 0.05 0.05 0.05 - 0.00 0.10 0.05 0.08 0.07 0.08 + 0.01 0.36 0.05 0.63 0.47 0.55 + 0.07 0.63 0.02 2.23 2.06 2.14 + 0.08 3.71 1.85 1.00 0.59 0.59 - 0.37 1.00 0.25 1.45 1.31 1.45 + 0.01 1.99 0.00 0.21 0.21 0.21 - 0.03 0.31 0.10 0.33 0.30 0.32 - 0.01 0.45 0.12 0.18 0.16 0.18 + 0.02 0.24 0.10 0.29 0.25 0.27 - 0.01 0.36 0.11 0.19 0.19 0.19 - 0.01 0.28 0.10 0.28 0.16 0.28 + 0.12 0.28 0.11 0.40 0.22 0.40 + 0.18 0.40 0.05 0.23 0.22 0.22 + 0.01 0.89 0.19 0.31 0.28 0.31 + 0.03 1.19 0.23 0.34 0.30 0.31 - 0.01 0.73 0.21 0.46 0.41 0.43 + 0.01 0.97 0.38 0.48 0.40 0.48 + 0.05 0.87 0.13 0.81 0.69 0.72 + 0.01 1.14 0.34 0.21 0.20 0.21 + 0.01 0.28 0.08 0.15 0.14 0.15 + 0.01 0.15 0.11 0.06 0.05 0.05 + 0.00 2.35 0.03 0.03 0.03 0.03 - 0.01 0.05 0.02 0.26 0.24 0.26 - 0.02 0.45 0.24 0.20 0.18 0.18 + 0.00 0.34 0.18 3.57 3.27 3.46 - 0.20 5.13 2.54 4.85 4.45 4.69 - 0.31 6.71 3.46 0.03 0.02 0.02 - 0.01 0.10 0.02 0.62 0.53 0.62 + 0.07 0.62 0.30 0.84 0.68 0.80 + 0.06 0.84 0.21 0.14 0.13 0.13 - 0.03 0.27 0.09 0.11 0.09 0.09 - 0.02 0.20 0.07 0.40 0.37 0.38 - 0.01 0.49 0.22 0.15 0.13 0.13 - 0.01 0.22 0.04 0.02 0.02 0.02 - 0.00 0.04 0.01 0.09 0.08 0.09 + 0.01 0.17 0.06 0.06 0.06 0.06 - 0.00 0.13 0.04 16.60 15.38 15.61 - 0.38 21.89 12.81 22.62 20.82 21.05 - 0.82 28.81 16.74 3.39 3.11 3.12 - 0.05 5.95 2.76

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

3.75 4.22 - 0.11 7.75 Endeavr Silver T 1869 4.62 4.20 0.03 0.06 - 0.01 0.10 V 111 0.07 0.05 Endurance Gold 1.29 1.68 - 0.04 2.87 Energy Fuels* X 912 1.78 1.58 1.74 2.28 - 0.09 3.65 Energy Fuels T 392 2.43 2.15 0.18 0.19 - 0.01 0.28 Enforcer Gold V 486 0.20 0.19 0.02 0.23 - 0.09 0.50 Engold Mines* O 130 0.35 0.22 0.03 0.30 - 0.16 0.68 Engold Mines V 1407 0.49 0.28 0.02 0.08 - 0.03 0.12 Ensurge* O 320 0.11 0.08 0.21 0.46 + 0.06 0.72 Entree Gold* X 438 0.46 0.35 0.29 0.62 + 0.07 0.94 Entree Gold T 574 0.62 0.49 0.03 0.07 + 0.01 0.09 Equitorial Ex* O 289 0.08 0.00 1.32 1.22 1.26 - 0.01 1.40 0.28 456 Erdene Res Dev T 0.96 0.92 0.94 - 0.01 1.00 0.22 96 Erdene Res Dev* O 0.15 0.38 + 0.05 0.42 Eskay Mng V 569 0.38 0.33 0.05 0.14 + 0.01 0.32 Ethos Gold* O 11 0.14 0.14 0.17 0.18 - 0.01 0.41 Ethos Gold V 55 0.19 0.18 0.62 0.87 + 0.02 1.40 X 110 0.91 0.83 Eurasian Mnls* 0.86 1.20 + 0.03 1.84 Eurasian Mnls V 38 1.25 1.15 0.53 0.50 0.53 + 0.02 1.06 0.47 13 Euro Sun Mg* O 0.70 0.68 0.68 - 0.02 1.45 0.62 92 T Euro Sun Mg 0.40 0.50 - 0.01 0.81 EurOmax Res T 35 0.50 0.44 0.04 0.09 + 0.01 0.20 Everton Res V 1400 0.10 0.08 0.03 0.07 + 0.01 0.14 Everton Res* O 29 0.08 0.05 0.02 0.02 0.02 + 0.01 0.12 0.01 269 EVI Global Grp 0.16 0.28 + 0.02 0.43 Evrim Res V 35 0.28 0.26 0.76 0.98 - 0.03 1.85 Excellon Res* O 293 1.06 0.96 1.00 1.31 - 0.07 2.40 Excellon Res T 411 1.43 1.31 0.25 0.63 + 0.05 0.72 O 111 0.64 0.60 Excelsior Mng* 0.34 0.84 + 0.04 0.94 Excelsior Mng T 458 0.89 0.80 0.66 1.65 - 0.05 1.89 Exeter Res* X 935 1.75 1.64 0.89 2.24 - 0.09 2.52 Exeter Res T 476 2.36 2.22 0.02 0.01 0.01 - 0.01 0.03 0.01 332 ExGen Res Inc V 0.01 0.05 - 0.01 0.14 O 162 0.05 0.00 Expedition Mng* 0.04 0.04 - 0.01 0.16 Explor Res* O 6 0.05 0.04 0.10 0.16 - 0.01 0.19 Explorex Res 76 0.17 0.15 0.10 0.12 - 0.00 0.15 Explorex Res* O 95 0.12 0.12 0.04 0.05 + 0.01 0.23 Fairmont Res V 207 0.05 0.04 0.73 1.25 - 0.10 1.65 Falco Res V 2434 1.47 1.19 0.03 0.05 - 0.01 0.08 Fancamp Expl V 1218 0.05 0.05 0.05 0.07 + 0.00 0.11 Far Res* O 71 0.07 0.06 0.05 0.10 + 0.01 0.14 Far Res 2120 0.10 0.09 0.10 0.12 - 0.01 0.65 Fieldex Expl V 9 0.13 0.12 0.04 0.06 - 0.01 0.09 Finlay Minrls V 165 0.07 0.06 0.01 0.13 - 0.01 0.50 Finore Mng 3018 0.16 0.12 0.02 0.09 + 0.02 0.41 Finore Mng* O 7 0.09 0.08 0.23 0.29 - 0.00 0.55 Fiore Explor* O 824 0.31 0.25 0.32 0.38 - 0.01 0.76 Fiore Explor V 1555 0.43 0.35 0.02 0.05 - 0.01 0.12 Firesteel Res V 573 0.07 0.04 0.02 0.03 - 0.01 0.08 Firestone Vent V 1087 0.04 0.03 0.03 0.08 - 0.00 0.12 O 210 0.09 0.08 Firma Holdings* 0.03 0.01 0.07 0.04 - 0.04 0.00 13 V Bauxite First 0.22 0.44 - 0.05 0.92 First Cobalt V 694 0.50 0.43 0.38 0.00 0.33 - 0.02 0.67 0.33 63 First Cobalt * O 0.05 0.06 + 0.01 0.15 First Energy V 60 0.06 0.05 0.00 0.00 + 0.00 0.00 16662 0.00 0.00 First Liberty* O 6.62 19.15 0.21 + 8.92 8.61 9.36 First Majestic* N 19672 12.06 + 0.13 24.96 8.89 First Majestic T 4555 12.72 11.74 0.02 0.02 - 0.01 0.08 First Mexican V 2569 0.03 0.02 0.57 0.51 0.52 - 0.00 1.02 0.42 First Mg Fin * O 3443 0.77 0.69 0.70 - 0.01 1.31 0.57 V 4725 First Mg Fin 0.05 0.07 - 0.00 0.09 First Point* O 31 0.08 0.07 0.07 0.11 + 0.01 0.15 First Point V 768 0.12 0.10 12.11 - 0.12 17.55 7.77 First Quantum T 13437 12.59 11.28 0.09 0.08 0.09 + 0.01 0.13 0.05 435 V Fission 3.0 0.49 0.65 - 0.01 0.92 Fission Uran T 3028 0.67 0.62 0.36 0.47 - 0.01 0.70 Fission Uran* O 890 0.50 0.46 0.39 0.35 0.35 - 0.03 0.55 0.27 82 Five Star Diam V 0.22 0.43 + 0.03 0.71 Flinders Res* O 233 0.44 0.38 0.25 0.58 + 0.04 0.93 Flinders Res V 203 0.60 0.52 0.04 0.06 + 0.00 0.15 O 140 0.07 0.05 Focus Graphite* 0.04 0.04 - 0.01 0.11 Focus Vent V 2327 0.05 0.04 0.15 0.36 + 0.05 0.47 Foran Mng V 204 0.36 0.27 0.31 0.96 - 0.02 1.48 T 1319 1.10 0.94 Formation Mtls 0.03 0.08 + 0.01 0.11 Forrester Met* O 7 0.08 0.07 0.04 0.12 + 0.02 0.14 Forrester Met V 1375 0.13 0.10 0.05 0.12 + 0.01 0.28 Forsys Metals T 314 0.13 0.12 0.20 0.00 0.20 + 0.02 0.35 0.05 57 Fort St J Nick V 2.08 3.99 + 0.44 5.50 O 6 3.99 3.57 Fortescue Mtls* 6.57 6.01 6.10 + 0.03 12.73 5.65 T 2738 Fortuna Silvr 4.11 4.53 + 0.10 9.75 Fortuna Silvr* N 8773 4.84 4.40 0.29 0.52 - 0.01 0.90 Fortune Bay V 67 0.55 0.00 0.30 0.36 - 0.02 0.64 Fortune Bay* O 7 0.38 0.36 0.07 0.15 + 0.01 0.26 O 138 0.15 0.13 Fortune Mnrls* 0.05 0.05 - 0.00 0.13 O 6 0.05 0.05 Forum Uranium* 0.06 0.06 - 0.01 0.17 V 758 0.08 0.06 Forum Uranium 0.42 0.47 + 0.02 1.28 Four River V 1476 0.48 0.42 53.31 72.94 + 2.33 81.16 N 4016 74.49 70.94 Franco-Nevada* Franco-Nevada T 2540 101.30 96.77 98.74 + 2.03 105.69 71.44 0.08 0.14 + 0.01 0.28 Freegold Vent T 99 0.16 0.13 11.73 + 0.22 17.06 9.24 102706 11.87 11.06 N Freeport McMoR* 0.01 0.04 - 0.01 0.09 Freeport Res V 38 0.05 0.04 13.18 21.33 + 2.57 26.65 Fresnillo plc* O 4 21.50 19.50 0.10 0.41 + 0.10 0.48 Fura Gems V 628 0.48 0.31

G-H Gabriel Res T 153 Gainey Capital V 353 Galane Gold V 1287 O 88 Galantas Gold* Galantas Gold V 241 Galore Res V 26 Galway Gold V 645 Galway Mtls* O 60 Galway Mtls V 164 Garibaldi Res V 278 136 Garibaldi Res * O General Moly T 8 General Moly* X 1178 Genesis Mtls* O 153 Genesis Mtls V 889 Genius Props 52 V 1270 Gensource Pot Geodex Mnrls V 33 Geologix Expl V 408 Geomega Res V 252 764 Gespeg Cop Res V Getty Copper V 28 O 1723 GFG Resources* GGX Gold V 1917 Giyani Gold V 50 Giyani Gold* O 21 O 135 Gldn Predator* Gldn Predator V 785 955 Glen Eagle Res V Glencore Plc* O 385 Global Energy V 266 Globex Mng T 179 Globex Mng* O 13 GMCI Corp* O 6 GMV Minerals V 522 O 45 GMV Minerals* GoGold Res T 591 Gold & Silver* O 2321 O 310 Gold Dynamics* 43240 Gold Fields* N 0 Gold Finder Ex* O 4 Gold Finder Ex V 1394993 Gold Lakes* O 34 Gold Mng USA* O 145 Gold Reach Res V Gold Reserve* O 23 Gold Reserve V 25 X 4241 Gold Resource* 141 Gold Ridge Exp V Gold Std Vents V 1174 Gold Std Vents* X 3973 Goldcliff Res* O 33 Goldcliff Res V 198 T 11880 Goldcorp Goldcorp* N 40672 Golden Arrow* O 658 Golden Arrow V 699 V 99 Golden Cariboo 844 Golden Dawn Ml V 32 Golden Dawn Ml* O Golden Eagle* O 33 O 84 Golden Goliath* Golden Hope V 321 Golden Hope* O 7 Golden Mnls T 49 Golden Mnls* X 551 O 371 Golden Queen* Golden Queen T 137 Golden Reign V 94 Golden Secret V 128

0.21 0.40 + 0.02 0.74 0.41 0.37 0.09 0.12 + 0.02 0.37 0.12 0.09 0.04 0.07 + 0.01 0.19 0.07 0.06 0.05 0.06 + 0.01 0.14 0.06 0.00 0.08 0.10 + 0.01 0.18 0.10 0.10 0.01 0.05 - 0.01 0.07 0.05 0.00 0.05 0.10 + 0.03 0.13 0.10 0.08 0.10 0.24 + 0.03 0.51 0.24 0.21 0.12 0.32 + 0.05 0.65 0.33 0.29 0.07 0.15 + 0.01 0.21 0.15 0.14 0.12 0.10 0.10 - 0.02 0.16 0.05 0.30 0.42 - 0.04 0.95 0.45 0.42 0.21 0.29 - 0.03 0.72 0.32 0.28 0.01 0.10 - 0.01 0.22 0.11 0.10 0.09 0.15 + 0.01 0.28 0.15 0.13 0.10 0.19 - 0.01 0.38 0.20 0.19 0.06 0.17 - 0.02 0.25 0.18 0.16 0.05 0.12 + 0.03 0.12 0.12 0.09 0.05 0.06 - 0.01 0.15 0.07 0.06 0.06 0.08 - 0.01 0.23 0.08 0.08 0.04 0.04 0.04 + 0.01 0.06 0.02 0.01 0.04 + 0.01 0.04 0.04 0.03 0.50 0.51 + 0.01 1.00 0.56 0.51 0.07 0.18 + 0.01 0.39 0.19 0.17 0.06 0.31 + 0.04 0.70 0.32 0.27 0.04 0.23 - 0.02 0.50 0.25 0.23 0.32 1.04 + 0.06 1.59 1.07 0.95 0.43 1.38 + 0.02 2.05 1.43 1.28 0.25 0.19 0.25 + 0.05 0.25 0.09 3.49 7.65 + 0.36 8.62 7.69 7.36 0.14 0.14 - 0.02 0.67 0.16 0.14 0.28 0.56 + 0.05 0.63 0.56 0.51 0.21 0.41 + 0.02 0.48 0.41 0.39 0.51 2.40 - 0.10 2.87 2.60 0.00 0.12 0.35 + 0.05 0.70 0.35 0.28 0.21 0.26 + 0.02 0.55 0.26 0.00 0.41 0.60 - 0.04 1.38 0.66 0.58 0.00 0.00 0.00 + 0.00 0.02 0.00 0.00 0.00 + 0.00 0.01 0.00 0.00 2.60 3.78 + 0.17 6.60 3.86 3.54 0.08 0.00 0.08 + 0.00 0.14 0.07 0.14 0.00 0.12 - 0.03 0.25 0.08 0.00 0.00 - 0.00 1.02 0.00 0.00 0.00 0.00 0.00 - 0.00 0.02 0.00 0.13 0.11 0.12 - 0.01 0.25 0.09 0.00 2.31 - 0.06 5.54 2.51 2.22 2.72 3.14 - 0.24 7.34 3.41 3.01 2.82 3.53 - 0.03 8.22 3.90 3.45 0.05 0.04 0.04 - 0.01 0.70 0.04 2.38 2.13 2.14 - 0.09 4.10 1.67 1.74 1.56 1.60 - 0.06 3.20 1.27 0.11 0.15 + 0.04 0.36 0.15 0.11 0.15 0.20 + 0.05 0.47 0.22 0.15 15.95 18.73 - 0.76 26.56 19.94 18.65 11.91 13.84 - 0.38 20.38 14.65 13.72 0.40 0.51 - 0.00 1.30 0.54 0.48 0.56 0.67 - 0.04 1.48 0.73 0.66 0.05 0.10 - 0.01 0.15 0.11 0.10 0.30 0.27 0.29 - 0.02 0.44 0.13 0.21 0.21 0.21 - 0.01 0.32 0.10 0.01 0.05 - 0.02 0.11 0.06 0.05 0.02 0.03 - 0.01 0.10 0.05 0.03 0.14 0.15 + 0.01 0.39 0.15 0.15 0.10 0.10 - 0.01 0.25 0.11 0.10 0.42 0.64 - 0.07 1.51 0.72 0.62 0.31 0.48 - 0.03 1.16 0.54 0.46 0.52 0.56 - 0.01 1.47 0.61 0.54 0.70 0.75 - 0.03 1.90 0.83 0.75 0.17 0.25 - 0.01 0.36 0.26 0.24 0.28 0.32 + 0.01 0.69 0.32 0.31

2017-05-23 8:19 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / MAY 29â&#x20AC;&#x201C;JUNE 11, 2017

S T O C K TA B L E S (100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Golden Sh Mng V 22 Golden Star T 2428 Golden Star* X 10734 Golden Tag V 85 Golden Valley V 109 Goldgroup Mng T 309 Goldgroup Mng* O 744 GoldMining V 914 GoldON Res V 6 GoldQuest Mng V 1557 Goldrea Res 510 Goldrich Mng* O 254 Goldsource Min* O 199 Goldsource Min V 395 Goldstar Mnls V 694 V 1269 Goldstrike Res Gonzaga Res V 298 GoviEx Uranium* O 179 GoviEx Uranium V 4972 Gowest Gold* O 680 Gowest Gold V 911 Gran Colombia* O 9 Gran Colombia T 515 Granada Gold* O 3088 Granada Gold V 4310 Grande Portage* O 41 Grande Portage V 39 Graphite Corp* O 17 Graphite One* O 879 215 Gray Rock Res V Great Atlantic V 332 18 Great Bear Res V Great Lakes Gr V 712 Great Lakes Gr* O 187 X 6748 Great Panther* Great Panther T 894 137 Great Quest Fe V Great Rock Dev* O 161 Great Thunder V 668 Green Swan Cap V 271 Greenland M&En* O 391 Grizzly Gold* O 91 Group Ten Mtls V 413 GrowMax Res* O 51 52 GrowMax Res V GT Gold V 380 Gungnir Res* O 190 Gungnir Res V 108 Gunpoint Expl V 25 Guyana Gldflds T 5315 Guyana Goldstr V 172 Handa Copper V 98 Handeni Gold* O 1 Hannan Metals V 16 Hannan Metals* O 5 Happy Ck Mnrls V 53 7 Hard Creek Ni* O Harmony Gold* N 24106 Harte Gold T 3303 Harte Gold* O 114 Hawkeye Gld&Di* O 75 V 210 Hawkeye Gld&Di Heatherdale Rs V 372 Hecla Mining* N 42545 Helio Res V 1149 Hellix Vent* O 39 O 42 Hemcare Health* HFX Holding V 20 Highbury Proj V 94 O 200 Highland Copp* Highland Copp V 239 107 Highway 50 Gld V HiHo Silver 108 Hochschild Mg* O 26 Homeland Egy V 52 Horizonte Mnls T 1061 Hornby Bay Mnl V 317 HudBay Mnls* N 4627 HudBay Mnls T 11560 Hudson Res V 175 Hudson Res* O 14

0.16 0.15 0.15 - 0.01 0.36 0.13 0.99 0.92 0.94 + 0.01 1.46 0.62 0.73 0.67 0.72 + 0.03 1.13 0.47 0.06 0.05 0.06 + 0.01 0.18 0.04 0.34 0.31 0.32 - 0.01 0.50 0.20 0.11 0.09 0.10 - 0.01 0.39 0.07 0.07 0.06 0.07 - 0.00 0.30 0.06 1.94 1.81 1.85 - 0.01 3.35 1.41 0.17 0.00 0.15 + 0.01 0.25 0.12 0.47 0.41 0.44 + 0.04 0.68 0.20 0.08 0.06 0.08 + 0.02 0.14 0.03 0.04 0.03 0.03 - 0.00 0.08 0.02 0.10 0.08 0.09 + 0.00 0.45 0.08 0.13 0.12 0.13 + 0.01 0.57 0.12 0.04 0.00 0.03 - 0.01 0.09 0.03 0.36 0.32 0.34 - 0.01 0.43 0.12 0.33 0.29 0.31 + 0.02 0.36 0.02 0.16 0.13 0.15 + 0.00 0.34 0.04 0.22 0.17 0.20 - 0.02 0.44 0.09 0.12 0.11 0.12 + 0.00 0.22 0.05 0.16 0.15 0.16 + 0.01 0.28 0.08 1.11 0.00 1.09 + 0.03 1.14 1.02 1.52 1.45 1.46 - 0.02 2.40 1.20 0.07 0.04 0.06 + 0.01 0.11 0.04 0.09 0.07 0.08 + 0.01 0.16 0.06 0.12 0.10 0.12 - 0.00 0.14 0.06 0.17 0.15 0.15 - 0.01 0.22 0.07 0.00 0.00 0.00 + 0.00 0.01 0.00 0.05 0.05 0.05 + 0.00 0.14 0.04 0.50 0.39 0.48 + 0.14 0.50 0.04 0.13 0.09 0.12 + 0.04 0.15 0.04 0.25 0.24 0.24 - 0.03 0.36 0.13 0.07 0.07 0.07 + 0.01 0.11 0.06 0.06 0.05 0.06 - 0.01 0.08 0.04 1.38 1.25 1.27 - 0.04 2.28 1.14 1.88 1.71 1.71 - 0.06 2.95 1.51 0.19 0.16 0.19 + 0.02 0.35 0.14 0.00 0.00 0.00 - 0.00 0.01 0.00 0.09 0.07 0.08 + 0.01 0.24 0.04 0.10 0.08 0.10 + 0.01 0.14 0.05 0.08 0.07 0.08 - 0.01 0.16 0.00 0.04 0.03 0.03 + 0.00 0.22 0.01 0.22 0.21 0.22 + 0.02 0.46 0.08 0.08 0.08 0.08 - 0.01 0.19 0.08 0.12 0.11 0.12 - 0.01 0.26 0.11 0.40 0.37 0.39 + 0.01 0.50 0.10 0.07 0.00 0.06 - 0.00 0.08 0.01 0.09 0.00 0.08 - 0.01 0.12 0.03 0.25 0.00 0.23 - 0.02 0.32 0.23 6.24 5.71 5.89 - 0.25 10.35 4.56 0.27 0.24 0.24 - 0.05 0.35 0.03 0.14 0.11 0.11 + 0.01 0.14 0.04 0.14 0.00 0.14 + 0.11 0.30 0.04 0.49 0.42 0.49 + 0.04 0.51 0.06 0.35 0.00 0.35 + 0.03 0.39 0.09 0.22 0.19 0.20 + 0.01 0.29 0.12 0.02 0.02 0.02 + 0.00 0.09 0.02 2.38 2.23 2.28 - 0.03 4.87 1.86 0.73 0.61 0.68 + 0.05 0.87 0.19 0.54 0.47 0.51 + 0.04 0.66 0.15 0.06 0.00 0.06 - 0.06 0.20 0.05 0.10 0.00 0.10 + 0.03 0.33 0.06 0.08 0.00 0.06 - 0.02 0.12 0.03 6.16 5.65 5.88 + 0.13 7.64 3.83 0.03 0.03 0.03 + 0.01 0.08 0.02 0.03 0.01 0.01 - 0.02 0.08 0.00 0.07 0.06 0.06 - 0.01 0.11 0.01 0.08 0.08 0.08 + 0.01 0.12 0.04 0.30 0.29 0.30 + 0.01 0.30 0.17 0.09 0.09 0.09 - 0.01 0.14 0.07 0.13 0.11 0.13 + 0.02 0.18 0.08 0.56 0.52 0.56 + 0.04 0.66 0.08 0.08 0.00 0.08 + 0.01 0.18 0.07 3.67 3.35 3.57 + 0.22 4.16 2.04 0.18 0.00 0.16 - 0.04 1.13 0.16 0.05 0.00 0.05 + 0.01 0.06 0.03 0.06 0.00 0.05 - 0.01 0.08 0.03 5.80 5.00 5.40 + 0.05 9.15 3.57 7.83 6.83 7.35 - 0.04 11.95 4.74 0.62 0.55 0.62 + 0.04 0.80 0.29 0.46 0.41 0.46 + 0.04 0.60 0.24

I-Minerals* O 283 I-Minerals V 396 IAMGOLD T 12673 40483 IAMGOLD* N Iberian Mnrls V 1842 IC Potash* O 77 IC Potash T 1210 Iconic Mnls * O 148 IDM Mining* O 249 IMPACT Silver V 205 Impala Platnm* O 202 Imperial Metal T 92 Imperial Metal* O 17 Inca One Gold* O 100 Inception Mng * O 7 Independence G V 179 Independence G* O 68 Inform Res V 0 Infrastructure* O 9 Inspiration Mg 65 Integra Gold V 66039 Integra Gold* O 20603 Inter-Rock Mnl V 57 Intl Cobalt 137 Intl Lithium* O 77 Intl Lithium V 1279 55 Intl Samuel Ex V Intl Tower Hil* X 995 Intrepid Pots* N 6757 INV Metals* O 42 Inventus Mg * O 11 Inventus Mg V 328 InZinc Mining V 198 InZinc Mining* O 7 Ireland* O 54 Ironside Res V 16 Irving Res 111 Irving Res* O 200 Itafos V 11 Itoco Mg Corp* O 2985 O 504 Ivanhoe Mines* Ivanhoe Mines T 14350 Jaguar Mng T 451 Jaguar Mng* O 42 Japan Gold V 2747 Jaxon Mnls V 643 Jayden Res V 546 Jourdan Res V 142 V 96 K2 Gold K92 Mng Inc* O 1363 K92 Mng Inc V 1766 O 25 Kaizen Discvry* Kaizen Discvry V 157 Kapuskasing Gd V 360 Karmin Expl V 11 Karnalyte Res T 33 KAT Expl* O 5009 Katanga Mng T 2624 Kenadyr Mining V 3785 Kenadyr Mining* O 293 Kennady Diam V 74 Kerr Mines* O 341 Kerr Mines T 1518 Kesselrun Res V 61 Kestrel Gold V 46 Khalkos Expl V 366 Khan Res 846 Kilo Goldmines* O 95 Kincora Copper V 74 Kings Bay Gold V 194 Kinross Gold T 31027 Kinross Gold* N 67745 Kintavar Exp V 46 Kirkland Lake* O 380 Kirkland Lake T 7071 Kivalliq Enrgy V 768 Klondex Mines T 4859 Klondike Gold V 1394 Klondike Gold* O 110 Klondike Silv V 236 Klondike Silv* O 47 Kombat Copper V 338

0.44 0.38 0.39 - 0.01 0.44 0.19 0.59 0.50 0.51 - 0.03 0.60 0.22 6.19 5.73 6.03 + 0.28 7.65 4.05 4.55 4.19 4.46 + 0.26 5.87 3.14 0.08 0.06 0.08 + 0.01 0.16 0.05 0.06 0.04 0.04 - 0.01 0.11 0.04 0.08 0.07 0.07 - 0.01 0.15 0.06 0.05 0.05 0.05 - 0.00 0.33 0.05 0.12 0.10 0.11 - 0.00 0.21 0.08 0.69 0.61 0.61 - 0.02 1.28 0.53 3.36 3.10 3.21 - 0.01 5.23 2.92 5.68 5.18 5.25 - 0.31 8.50 3.46 4.13 0.00 3.84 - 0.22 6.21 2.78 0.10 0.09 0.10 + 0.00 0.35 0.08 0.40 0.00 0.39 + 0.06 1.32 0.25 0.23 0.19 0.23 + 0.05 0.50 0.13 0.15 0.13 0.15 + 0.01 0.37 0.10 0.00 0.00 0.07 - 0.07 0.20 0.03 0.00 0.00 0.00 + 0.00 0.01 0.00 0.03 0.02 0.03 + 0.01 0.10 0.02 1.15 1.10 1.14 + 0.34 1.15 0.52 0.85 0.80 0.84 + 0.26 0.85 0.38 0.25 0.20 0.25 + 0.05 0.25 0.03 0.21 0.16 0.16 - 0.02 0.30 0.00 0.11 0.09 0.09 - 0.00 0.24 0.08 0.14 0.12 0.13 + 0.01 0.31 0.11 0.09 0.08 0.08 - 0.01 0.15 0.05 0.55 0.48 0.51 + 0.02 1.40 0.40 2.37 2.19 2.29 + 0.09 3.04 0.93 0.68 0.66 0.66 - 0.02 0.85 0.32 0.13 0.12 0.13 - 0.00 0.28 0.11 0.18 0.15 0.16 - 0.02 0.35 0.13 0.13 0.11 0.12 + 0.01 0.36 0.09 0.09 0.09 0.09 - 0.00 0.27 0.06 0.14 0.13 0.14 + 0.01 0.30 0.04 0.08 0.00 0.08 + 0.01 0.16 0.06 0.69 0.00 0.66 - 0.02 1.18 0.13 0.51 0.47 0.47 - 0.02 0.99 0.10 2.20 1.76 2.20 + 0.30 3.45 0.90 0.01 0.01 0.01 - 0.01 0.30 0.00 3.56 3.22 3.40 + 0.13 4.10 0.00 4.85 4.40 4.66 + 0.17 5.47 0.92 0.45 0.40 0.42 - 0.03 0.85 0.33 0.33 0.29 0.31 - 0.01 0.65 0.25 0.29 0.27 0.28 - 0.01 0.88 0.27 0.15 0.13 0.15 + 0.02 0.16 0.04 0.09 0.08 0.08 - 0.01 0.23 0.06 0.17 0.16 0.17 + 0.01 0.19 0.06 0.44 0.34 0.42 + 0.08 0.58 0.21 0.74 0.67 0.70 + 0.04 1.72 0.51 0.99 0.91 0.95 + 0.05 2.24 0.71 0.13 0.13 0.13 + 0.00 0.21 0.08 0.20 0.18 0.19 + 0.01 0.31 0.11 0.06 0.05 0.06 + 0.01 0.10 0.02 0.50 0.43 0.46 - 0.04 0.86 0.21 0.72 0.65 0.66 - 0.06 2.38 0.64 0.00 0.00 0.00 - 0.00 0.00 0.00 0.46 0.40 0.43 + 0.03 0.65 0.12 0.64 0.44 0.50 - 0.05 1.00 0.10 1.45 0.30 0.38 - 0.03 1.45 0.30 3.40 3.06 3.40 + 0.15 5.00 3.01 0.14 0.12 0.14 + 0.00 0.17 0.04 0.18 0.17 0.18 + 0.01 0.24 0.06 0.11 0.10 0.11 - 0.01 0.43 0.08 0.14 0.12 0.13 - 0.02 0.14 0.02 0.16 0.14 0.15 + 0.01 0.22 0.11 0.06 0.00 0.06 - 0.01 0.88 0.02 0.04 0.04 0.04 + 0.01 0.19 0.04 0.44 0.39 0.40 - 0.02 0.65 0.23 0.09 0.08 0.09 + 0.01 0.21 0.05 5.94 5.58 5.74 + 0.08 7.56 3.87 4.38 4.09 4.25 + 0.11 5.81 2.88 0.20 0.17 0.19 - 0.02 0.35 0.13 7.61 7.02 7.47 + 0.48 8.46 4.84 10.36 9.54 10.12 + 0.54 11.15 6.33 0.13 0.11 0.12 + 0.01 0.19 0.07 4.74 4.38 4.45 - 0.13 7.95 4.07 0.29 0.25 0.29 + 0.04 0.45 0.14 0.20 0.18 0.20 + 0.04 0.32 0.10 0.09 0.08 0.08 - 0.01 0.15 0.04 0.06 0.00 0.06 + 0.00 0.12 0.03 0.30 0.00 0.26 - 0.06 0.75 0.24

I-J-K

20-22_MAY29_StockTables.indd 21

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Komet Resource V 34 Kootenay Silvr V 481 Kootenay Silvr* O 50 Kootenay Zinc 1214 Kootenay Zinc* O 1198 KWG Res* O 402 KWG Res 725

0.41 0.38 0.38 - 0.03 0.58 0.32 0.31 0.29 0.29 + 0.01 0.60 0.27 0.23 0.21 0.22 + 0.01 0.46 0.20 0.23 0.14 0.17 - 0.03 0.70 0.06 0.19 0.12 0.12 - 0.02 0.59 0.12 0.02 0.01 0.02 + 0.01 0.03 0.00 0.03 0.02 0.02 - 0.01 0.03 0.02

Labrador Iron T 1330 Lake Victoria* O 24 Laramide Res T 835 Largo Res* O 101 Largo Res T 193 Lateral Gold V 209 Latin Am Mnls* O 6 816 Laurion Mnl Ex V 275 Laurion Mnl Ex* O LeadFX Inc* O 7 Leagold Mg V 1623 Leagold Mg* O 92 Leeta Gold V 8 Leo Res 361 Levon Res Ltd T 719 Levon Res Ltd * O 162 Li3 Energy* O 34 Libero Mg Corp V 330 126 Liberty One Li V Liberty One Li* O 272 LiCo Energy* O 700 Lincoln Mng V 105 Lion One Mtls V 73 46 Lion One Mtls* O Lions Gate Mtl 1 O 40 Lithion Energy* Lithium Amer T 2751 Lithium Amer* O 1893 Lithium Corp* O 680 Lithium Energi V 403 Lithium Expl* O 1573534 Lithium X Egy* O 1986 Lithium X Egy V 1643 LKA Gold* O 59 Logan Res V 502 Lomiko Mtls V 103 Lomiko Mtls* O 16 Loncor Res* O 60 Loncor Res T 153 26 Lone Star Gold* O Lonmin plc* O 20 Lonmin plc* O 6 Lorraine Coppr V 622 52 Los Andes Copp V Lucara Diam T 1355 Lucky Mnls V 26 Lumina Gold V 251 Lumina Gold* O 48 Lundin Gold T 499 Lundin Mng T 12538 Lupaka Gold V 268 Lydian Intl* O 121 Lydian Intl T 5553 Lynas Corp* O 212

19.06 17.48 18.06 + 0.58 20.67 11.22 0.01 0.00 0.01 - 0.00 0.02 0.00 0.38 0.34 0.36 - 0.02 0.74 0.18 0.40 0.35 0.35 - 0.04 0.53 0.28 0.55 0.47 0.47 - 0.10 0.70 0.37 1.06 0.97 1.06 + 0.01 1.27 0.57 0.12 0.09 0.09 - 0.03 0.36 0.07 0.03 0.03 0.03 - 0.01 0.08 0.01 0.02 0.01 0.02 - 0.02 0.05 0.00 0.38 0.26 0.35 - 0.03 0.78 0.18 2.75 2.46 2.68 - 0.06 4.90 0.10 2.02 1.82 1.97 - 0.02 2.37 1.82 0.17 0.09 0.17 + 0.08 0.17 0.04 1.06 0.99 1.00 - 0.01 2.50 0.03 0.42 0.37 0.38 - 0.03 0.71 0.23 0.32 0.27 0.28 - 0.02 0.54 0.17 0.02 0.02 0.02 + 0.00 0.06 0.01 0.15 0.14 0.14 - 0.01 0.22 0.13 0.57 0.54 0.54 - 0.02 0.70 0.02 0.42 0.40 0.41 - 0.01 0.51 0.38 0.11 0.09 0.10 + 0.00 0.20 0.06 0.06 0.05 0.06 + 0.01 0.17 0.05 0.80 0.72 0.74 - 0.06 1.17 0.53 0.60 0.53 0.53 - 0.06 0.91 0.41 0.15 0.00 0.15 - 0.02 0.36 0.10 0.11 0.08 0.11 + 0.03 0.10 0.08 1.00 0.93 0.99 - 0.01 1.26 0.52 0.75 0.68 0.73 + 0.00 0.96 0.38 0.07 0.06 0.06 - 0.00 0.12 0.05 0.15 0.14 0.14 - 0.01 0.55 0.14 0.00 0.00 0.00 + 0.00 0.02 0.00 1.65 1.50 1.61 + 0.09 1.94 1.03 2.23 2.05 2.16 + 0.09 2.50 1.32 0.60 0.49 0.55 - 0.02 0.68 0.24 0.08 0.00 0.07 - 0.01 0.26 0.07 0.27 0.23 0.25 - 0.02 0.50 0.19 0.21 0.17 0.19 - 0.01 0.38 0.11 0.13 0.12 0.12 + 0.00 0.20 0.06 0.19 0.17 0.18 + 0.03 0.25 0.09 0.00 0.00 0.00 - 0.00 0.01 0.00 1.37 0.00 1.37 + 0.01 3.12 1.35 1.42 1.25 1.39 - 0.03 3.42 1.02 0.09 0.07 0.09 + 0.02 0.12 0.04 0.26 0.23 0.24 + 0.02 0.30 0.14 3.08 2.88 3.01 - 0.06 4.39 2.62 0.12 0.10 0.12 + 0.02 0.12 0.05 0.80 0.77 0.78 + 0.02 1.20 0.62 0.59 0.57 0.59 + 0.01 0.89 0.47 6.50 6.01 6.05 - 0.02 6.62 4.94 7.77 7.10 7.73 + 0.73 8.94 3.96 0.17 0.14 0.15 + 0.01 0.29 0.12 0.26 0.24 0.26 + 0.03 0.41 0.22 0.38 0.33 0.35 + 0.02 0.52 0.28 0.07 0.06 0.06 - 0.01 0.12 0.03

(100s) Stock

12-month

Mountain Boy* O 618 Mountain Prov T 516 Mountain Prov* D 138 Mukuba Res V 3 Mundoro Cap* O 54 Murchison Min 100 MX Gold* O 1040

0.04 0.04 0.04 - 0.00 0.06 0.03 4.05 3.73 4.03 + 0.12 7.18 3.56 3.00 2.65 2.95 + 0.15 5.52 2.55 0.08 0.00 0.08 - 0.01 0.30 0.08 0.20 0.18 0.20 + 0.00 0.21 0.08 0.19 0.13 0.13 - 0.04 0.35 0.13 0.14 0.11 0.11 + 0.00 0.31 0.08

NACCO Ind* N 133 Namibia Rare E T 335 Napier Vent V 92 Natural Res Pt* N 170 Nautilus Mnrls T 1210 Nautilus Mnrls* O 606 Nebu Res V 334 Nemaska Lith* O 115 Neo Lithium V 1276 Nevada Clean M V 434 Nevada Clean M* O 115 T 165 Nevada Copper Nevada Egy Mtl* O 162 9 Nevada Expl * O Nevada Expl V 28 Nevada Sunrise* O 182 V 319 Nevada Sunrise Nevada Zinc V 312 Nevsun Res* X 5155 Nevsun Res T 3244 New Carolin Gd* O 1565 O 15149 New Colombia* New Dimen Res V 25 New Gold* X 34735 New Gold T 5953 New Guinea Gld* O 17921 New Jersey Mng* O 1314 New Milln Iron* O 8 New Milln Iron T 594 New Nadina V 30 New Oroperu V 2 57 New World Res V NewCastle Gold T 3878 O 218 NewCastle Gold* Newmac Res V 53 Newmont Mng* N 25125 Newport Expl V 207 NewRange Gold* O 62 V 383 NewRange Gold Nexgen Energy* O 402 Nexgen Energy T 4872 76 Next Gen Mtls* O NextSource Mat T 920 Nexus Gold* O 337 NGEx Res T 44 NGEx Res* O 4 31 Nickel One Res V Nicola Mg Inc* O 247 Nicola Mg Inc V 1293 Nighthawk Gold V 4108 Nikos Expl V 56 Niobay Metals V 80 Niocorp Dev T 1017 Niocorp Dev* O 483 Nippon Dragon* O 679 Nippon Dragon V 1483 329 Noble Metal Gr V Noble Mnl Expl* O 8 856 Noble Mnl Expl V Noka Res* O 353 Noka Res V 7154 Noram Vent V 3560 Noram Vent* O 15 O 14 Noranda Alum* Noront Res V 2645 Norsemont Cap 6 Nortec Mnls V 130 Nortec Mnls* O 48 1 North Am Nickl* O North Am Pall* O 5 North Am Pall T 5 3 North Arrow Mn* O North Arrow Mn V 127 Northcliff Res T 29 Northern Uran V 6681 Norvista Cap V 973 O 26 Nouveau Monde* Nouveau Monde V 199 NovaGold Res T 1608 NovaGold Res* X 13773 Novo Res* O 253 Novo Res V 644 NRG Metals* O 151 NRG Metals V 3033 Nrthn Graphite V 43 Nrthn Graphite* O 105 Nrthn Lion V 27 Nrthn Shield V 2850 Nrthn Superior V 1012 Nrthn Vertex* O 99 Nrthn Vertex V 975 V 83 NSGold Nthn Dynasty* X 27095 Nthn Dynasty T 9666 Nthrn Sphere 379 Nubian Res V 101 NuLegacy Gold* O 482 NuLegacy Gold V 372 Nunavik Nickel V 445 NV Gold V 61 NX Uranium* O 83 NxGold Ltd V 238 O.T. Mining* O 33 OceanaGold T 13584 OceanaGold* O 38 Oceanic Iron O V 114 Oceanus Res V 1175 Oceanus Res* O 659 OK2 Minerals V 350 Olivut Res V 30 Olivut Res* O 17 Omineca Mg &Ml V 23 One World Min 55 Orbite Tech* O 82 Orca Gold V 427 Orca Gold* O 135 Orefinders Res V 893 Orex Expl V 558 Orex Mnrls* O 122 Orezone Gold V 1088 Orezone Gold* O 59 Organic Potash 1215 Orla Mng Ltd* O 2 443 Orla Mng Ltd V Oro East Mg* O 11 Orocobre T 479 Oroplata Res* O 82 Orosur Mng T 229 Orsu Metals V 2772 Orvana Mnrls* O 74 Osisko Gold* N 3615 Osisko Gold T 2273 Osisko Mng Inc T 4134 Otis Gold V 569 Otis Gold* O 113 OZ Minerals* O 3

68.85 63.25 65.90 - 1.10 99.55 50.38 0.10 0.08 0.10 + 0.01 0.14 0.04 0.50 0.42 0.45 + 0.04 0.50 0.24 32.85 30.69 31.05 - 1.15 45.60 10.43 0.26 0.24 0.25 - 0.01 0.28 0.10 0.19 0.17 0.19 + 0.00 0.21 0.08 0.05 0.04 0.05 + 0.01 0.05 0.01 0.83 0.79 0.83 + 0.02 1.50 0.68 1.16 1.07 1.10 - 0.02 2.09 0.91 0.06 0.05 0.05 - 0.01 0.08 0.02 0.04 0.03 0.04 + 0.01 0.05 0.01 0.61 0.00 0.61 + 0.01 0.86 0.53 0.03 0.02 0.03 + 0.00 0.14 0.02 0.28 0.27 0.28 - 0.03 0.56 0.22 0.41 0.00 0.37 - 0.04 0.72 0.29 0.22 0.19 0.21 + 0.03 0.37 0.15 0.30 0.26 0.28 + 0.02 0.47 0.20 0.35 0.31 0.32 - 0.04 0.80 0.29 2.52 2.24 2.49 + 0.19 3.56 2.06 3.40 3.05 3.37 + 0.23 4.63 2.83 0.03 0.03 0.03 - 0.00 0.10 0.03 0.01 0.01 0.01 + 0.00 0.05 0.00 0.08 0.00 0.07 - 0.02 0.19 0.07 3.15 2.92 2.97 - 0.03 6.04 2.39 4.27 3.95 4.00 - 0.09 7.87 3.11 0.00 0.00 0.00 - 0.00 0.00 0.00 0.12 0.11 0.12 + 0.01 0.15 0.08 0.10 0.09 0.10 + 0.01 0.27 0.05 0.16 0.13 0.16 + 0.03 0.36 0.06 0.14 0.11 0.12 + 0.02 0.18 0.08 0.39 0.00 0.39 - 0.01 0.72 0.31 0.14 0.13 0.13 - 0.01 0.16 0.06 0.95 0.79 0.94 + 0.17 1.30 0.49 0.69 0.57 0.69 + 0.14 0.96 0.39 0.07 0.05 0.05 - 0.01 0.12 0.04 34.81 33.25 33.63 - 0.12 46.07 30.19 0.28 0.27 0.28 + 0.01 0.38 0.19 0.37 0.30 0.35 - 0.01 0.37 0.04 0.51 0.39 0.44 - 0.07 0.55 0.05 2.45 2.33 2.43 + 0.09 3.35 3.04 3.23 + 0.03 4.45 1.42 0.17 0.15 0.15 - 0.01 0.42 0.07 0.10 0.08 0.09 + 0.01 0.11 0.07 0.16 0.13 0.14 + 0.00 0.27 0.05 0.91 0.00 0.88 + 0.01 1.50 0.85 0.69 0.65 0.69 + 0.04 1.14 0.65 0.05 0.05 0.05 - 0.01 0.13 0.05 0.13 0.11 0.12 + 0.01 0.39 0.06 0.17 0.16 0.17 + 0.01 0.54 0.08 1.15 0.98 1.06 + 0.12 1.15 0.15 0.11 0.10 0.11 - 0.01 0.21 0.05 0.70 0.63 0.64 - 0.03 1.25 0.20 0.70 0.65 0.68 - 0.03 1.07 0.65 0.52 0.48 0.51 - 0.01 0.81 0.48 0.06 0.05 0.05 + 0.00 0.09 0.04 0.08 0.06 0.07 + 0.01 0.11 0.05 0.01 0.01 0.01 + 0.01 0.02 0.01 0.04 0.03 0.04 + 0.00 0.07 0.03 0.06 0.05 0.05 + 0.01 0.15 0.03 0.09 0.08 0.09 + 0.01 0.10 0.02 0.15 0.11 0.14 + 0.04 0.17 0.04 0.05 0.03 0.03 - 0.02 0.13 0.03 0.03 0.02 0.02 - 0.01 0.06 0.02 0.02 0.01 0.01 - 0.00 0.10 0.01 0.29 0.27 0.28 + 0.02 0.51 0.22 0.36 0.35 0.35 - 0.01 0.45 0.25 0.15 0.10 0.15 + 0.05 0.18 0.02 0.09 0.08 0.09 + 0.01 0.10 0.08 0.06 0.06 0.06 + 0.00 0.11 0.05 4.07 0.00 3.64 - 0.31 5.06 3.33 5.44 4.92 4.92 - 0.53 6.49 4.40 0.17 0.17 0.17 - 0.00 0.23 0.11 0.25 0.21 0.24 + 0.01 0.40 0.12 0.16 0.00 0.15 - 0.01 0.23 0.09 0.02 0.01 0.01 - 0.01 0.03 0.01 0.15 0.14 0.14 - 0.01 0.30 0.12 0.20 0.19 0.20 + 0.01 0.27 0.16 0.29 0.26 0.28 - 0.01 0.38 0.20 6.17 5.60 5.70 - 0.33 9.56 5.09 4.54 4.14 4.21 - 0.20 7.29 3.79 0.56 0.49 0.56 + 0.06 1.41 0.49 0.76 0.67 0.76 + 0.08 1.95 0.66 0.11 0.00 0.11 + 0.04 0.15 0.06 0.14 0.11 0.12 + 0.01 0.22 0.07 0.34 0.31 0.31 + 0.01 0.53 0.18 0.24 0.22 0.22 - 0.00 0.41 0.14 0.60 0.49 0.52 + 0.03 0.74 0.11 0.09 0.06 0.09 + 0.02 0.30 0.04 0.07 0.06 0.07 + 0.01 0.08 0.02 0.39 0.37 0.37 - 0.01 0.50 0.27 0.55 0.49 0.52 + 0.03 0.70 0.35 0.15 0.11 0.11 - 0.01 0.20 0.05 1.95 1.66 1.77 - 0.09 3.45 0.28 2.65 2.27 2.34 - 0.18 4.54 0.37 0.35 0.00 0.32 - 0.03 0.85 0.17 0.27 0.23 0.27 + 0.04 0.34 0.01 0.22 0.19 0.20 + 0.01 0.41 0.00 0.29 0.27 0.27 + 0.01 0.54 0.21 0.11 0.10 0.11 + 0.01 0.27 0.06 0.25 0.20 0.25 + 0.02 0.48 0.08 0.04 0.02 0.02 - 0.01 0.04 0.01 0.48 0.44 0.44 - 0.03 0.72 0.13 0.06 0.03 0.05 + 0.02 0.29 0.02 4.59 4.24 4.33 - 0.16 5.56 3.24 3.46 3.04 3.37 + 0.16 4.26 2.36 0.20 0.19 0.19 - 0.02 0.35 0.12 0.21 0.18 0.19 - 0.02 0.31 0.14 0.15 0.14 0.14 - 0.00 0.23 0.11 0.10 0.10 0.10 - 0.01 0.21 0.09 0.20 0.17 0.17 - 0.01 0.42 0.12 0.15 0.14 0.14 - 0.01 0.30 0.09 0.06 0.05 0.05 - 0.02 0.11 0.04 0.47 0.42 0.47 + 0.04 0.75 0.35 0.06 0.02 0.02 - 0.04 0.37 0.01 0.39 0.37 0.38 + 0.01 0.55 0.27 0.29 0.27 0.29 - 0.00 0.44 0.20 0.06 0.05 0.06 + 0.01 0.12 0.04 0.06 0.06 0.06 + 0.01 0.08 0.02 0.14 0.13 0.14 + 0.01 1.02 0.05 0.60 0.52 0.60 + 0.09 1.28 0.42 0.44 0.38 0.44 + 0.06 0.99 0.31 0.03 0.02 0.03 + 0.01 0.05 0.01 0.90 0.88 0.90 + 0.02 0.97 0.88 1.27 1.17 1.23 + 0.06 1.75 0.14 0.01 0.01 0.01 + 0.00 0.03 0.00 3.54 3.26 3.43 - 0.15 5.04 2.73 0.20 0.19 0.20 + 0.01 2.04 0.13 0.24 0.23 0.24 + 0.01 0.38 0.19 0.03 0.02 0.03 + 0.01 0.05 0.02 0.17 0.16 0.17 + 0.01 0.29 0.12 11.34 10.70 11.12 + 0.29 14.74 8.88 15.46 14.61 15.00 + 0.13 18.64 11.90 5.24 4.66 4.99 + 0.33 5.65 1.82 0.37 0.34 0.36 + 0.01 0.42 0.13 0.26 0.24 0.26 - 0.00 0.32 0.10 5.18 4.70 5.18 + 0.37 7.39 3.87

Pac Bay Mnrls V 44 Pac Booker Min* O 8 Pac Booker Min V 14 Pac Gold* O 5850 Pac Imperial V 310 Pac North West V 155 Pac North West* O 37 Pac Potash V 87 Pac Ridge Expl V 411 Pac Ridge Expl* O 3 Pac Topaz V 90 Pac Wildcat* O 5 Paladin Energy T 10690 Palamina Corp* O 11 Palisades Vent* O 4 Pan Am Silver T 1300 Pan Am Silver* D 11828

0.04 0.04 0.04 - 0.01 0.07 0.03 0.55 0.50 0.50 - 0.05 1.16 0.50 0.78 0.70 0.70 - 0.10 1.50 0.62 0.00 0.00 0.00 + 0.00 0.00 0.00 0.02 0.02 0.02 - 0.01 0.05 0.02 0.10 0.09 0.09 - 0.01 0.23 0.06 0.08 0.06 0.06 - 0.01 0.10 0.06 0.04 0.04 0.04 - 0.01 0.07 0.03 0.06 0.05 0.06 + 0.01 0.12 0.05 0.03 0.00 0.03 - 0.01 0.09 0.03 0.18 0.16 0.16 - 0.02 0.28 0.14 0.01 0.00 0.01 + 0.01 0.04 0.00 0.08 0.06 0.06 - 0.01 0.24 0.06 0.15 0.00 0.13 + 0.00 0.19 0.10 0.06 0.05 0.05 - 0.01 0.06 0.04 25.30 23.29 23.39 - 0.63 27.99 17.26 18.60 17.19 17.30 - 0.23 21.59 13.40

Macarthur Mnl V 1592 0.10 0.09 0.10 + 0.02 0.16 0.05 O 94 0.08 0.06 0.08 + 0.01 0.12 0.03 Macarthur Mnl* MacDonald Mns* O 67 0.16 0.00 0.16 + 0.06 0.20 0.04 MacDonald Mns V 562 0.24 0.15 0.19 + 0.03 0.28 0.05 MacMillan Mnls V 27 1.46 1.37 1.37 - 0.09 1.84 0.70 Madeira Mrnls V 5 0.03 0.03 0.03 + 0.01 0.05 0.01 0.08 + 0.01 0.19 0.03 Mag Copper 262 0.08 0.07 MAG Silver T 1238 17.14 15.82 16.23 - 0.12 23.32 12.75 Magellan Gold* O 23 0.09 0.07 0.09 + 0.02 0.35 0.07 0.08 - 0.01 0.15 0.04 Majescor Res V 97 0.08 0.00 0.16 - 0.02 0.21 0.15 Makena Res V 68 0.18 0.16 0.36 + 0.02 0.46 0.27 Malbex Res V 71 0.37 0.33 Manado Gold V 48 0.07 0.06 0.06 - 0.02 0.15 0.06 Mandalay Res T 1618 0.63 0.58 0.60 + 0.02 1.35 0.51 0.13 + 0.01 0.26 0.07 Manganese X V 204 0.14 0.13 0.11 + 0.02 0.19 0.08 Manganese X* O 12 0.11 0.00 Mangazeya Mng V 181 0.04 0.00 0.03 - 0.01 0.06 0.02 Manitou Gold V 418 0.08 0.07 0.07 + 0.01 0.20 0.04 Marathon Gold T 1672 1.20 1.10 1.15 + 0.02 1.36 0.25 0.28 - 0.05 0.50 0.15 Margaux Res V 25 0.30 0.28 Mariana Res V 3784 1.73 1.65 1.67 - 0.04 1.73 0.85 Mariana Res* O 225 1.27 1.19 1.22 + 0.03 1.27 0.05 Maritime Res V 212 0.13 0.11 0.13 + 0.01 0.31 0.11 Marlin Gold* O 267 0.57 0.53 0.57 + 0.02 0.57 0.28 228.39 - 2.15 244.32 167.06 MartinMarietta* N 3165 235.63 221.43 Mason Graphite* O 73 1.10 1.00 1.10 + 0.10 1.21 0.46 V 561 1.50 1.35 1.50 + 0.13 1.60 0.63 Mason Graphite Mason Res T 304 0.40 0.21 0.21 + 0.08 0.40 0.13 V 19 0.32 0.28 0.32 + 0.09 0.44 0.24 Matachewan Con Matamec Expl* O 54 0.05 0.04 0.04 - 0.01 0.07 0.03 Matica Ent 1391 0.05 0.04 0.04 - 0.01 0.07 0.01 Matica Ent* O 77 0.04 0.03 0.04 + 0.01 0.05 0.00 Maudore Mnrls* O 104 0.00 0.00 0.00 + 0.00 0.01 0.00 Maverix Mtls* O 13 1.06 1.02 1.02 - 0.04 16.33 0.66 Mawson Res* O 21 0.29 0.26 0.27 + 0.00 0.44 0.16 Mawson Res T 31 0.40 0.00 0.37 + 0.01 0.57 0.21 MAX Res V 573 0.14 0.14 0.14 + 0.05 0.14 0.07 MaxTech Vent 393 0.48 0.40 0.40 - 0.07 0.63 0.20 Maxwell Res* O 42 0.02 0.01 0.01 - 0.00 0.04 0.00 0.14 0.13 0.14 + 0.01 0.27 0.10 Maya Gold &Sil V 1329 McEwen Mng* N 18635 3.06 2.79 2.89 - 0.02 4.92 2.09 3.88 - 0.12 6.44 2.61 McEwen Mng T 2399 4.15 3.80 Meadow Bay Gd T 309 0.05 0.04 0.04 - 0.01 0.11 0.04 Meadow Bay Gd* O 127 0.03 0.03 0.03 + 0.00 0.09 0.03 Mechel* N 585 5.63 5.01 5.15 - 0.35 6.83 1.46 Medgold Res V 372 0.18 0.18 0.18 + 0.01 0.25 0.11 Medgold Res* O 10 0.13 0.13 0.13 - 0.01 0.17 0.12 Medinah Mnrls* O 800 0.01 0.01 0.01 - 0.00 0.02 0.00 Mega Uranium* O 204 0.15 0.13 0.13 - 0.01 0.25 0.08 Mega Uranium T 1877 0.21 0.18 0.18 - 0.01 0.32 0.11 Melior Res V 53 0.05 0.05 0.05 - 0.01 0.09 0.02 Melkior Res V 1009 0.08 0.07 0.07 + 0.01 0.10 0.02 Meridian Mg V 56 0.44 0.36 0.37 - 0.06 1.54 0.14 Mesa Expl V 8 0.07 0.00 0.07 - 0.01 0.17 0.03 Mesa Expl* O 8 0.06 0.00 0.04 - 0.02 0.14 0.02 MetalCorp V 256 0.05 0.04 0.05 + 0.01 0.06 0.02 Metalex Vent V 4485 0.08 0.06 0.07 + 0.01 0.10 0.04 Metalla Rylty* O 87 0.38 0.35 0.38 + 0.03 0.68 0.09 Metalla Rylty 231 0.51 0.44 0.51 + 0.03 0.88 0.11 Metallic Mnrls V 96 0.34 0.32 0.33 - 0.01 0.59 0.07 Metallic Mnrls* O 30 0.26 0.24 0.25 - 0.01 0.44 0.04 Metallis Res V 251 0.19 0.16 0.17 - 0.02 0.28 0.09 Metalore Res V 1 2.90 0.00 2.80 + 0.20 5.16 1.50 Metalore Res* O 1 2.12 0.00 2.05 - 0.52 3.96 1.20 Metals Creek* O 143 0.06 0.05 0.05 - 0.01 0.14 0.04 Metanor Res V 804 1.01 0.87 0.97 + 0.09 1.29 0.45 Mexican Gold* O 41 0.23 0.22 0.22 - 0.01 0.27 0.11 Mexus Gold* O 3406 0.09 0.06 0.08 + 0.01 0.24 0.03 O 467 0.99 0.71 0.82 - 0.05 2.12 0.11 MGX Minerals* MGX Minerals 1982 1.35 0.95 1.13 - 0.06 2.75 0.14 Midas Gold* O 539 0.61 0.52 0.59 + 0.04 0.95 0.02 Midas Gold T 669 0.83 0.72 0.81 + 0.06 1.22 0.62 Midnight Sun V 199 0.36 0.33 0.35 - 0.01 0.50 0.08 Midway Gold* O 46 0.00 0.00 0.00 - 0.00 0.01 0.00 Millennial Lit* O 20 1.05 1.02 1.04 + 0.00 1.43 0.92 Millrock Res* O 388 0.31 0.26 0.29 + 0.03 0.54 0.23 Millrock Res V 515 0.42 0.36 0.39 + 0.04 0.70 0.28 Minaurum Gold V 630 0.30 0.25 0.28 + 0.02 0.37 0.07 Minco Silver T 157 1.06 0.94 1.04 + 0.06 2.05 0.86 Minco Silver* O 68 0.79 0.69 0.79 + 0.09 1.54 0.64 Minera Alamos V 280 0.20 0.18 0.20 + 0.02 0.29 0.11 Minera IRL 420 0.15 0.13 0.14 + 0.01 0.22 0.12 Mineral Mtn* O 85 0.22 0.18 0.22 + 0.03 0.38 0.16 Mineral Mtn V 553 0.30 0.24 0.30 + 0.06 0.49 0.21 Mining Global* O 3000 0.00 0.00 0.00 + 0.00 0.00 0.00 Minnova Corp V 514 0.72 0.68 0.69 - 0.02 0.90 0.50 Miranda Gold V 399 0.09 0.08 0.09 - 0.01 0.18 0.07 Mirasol Res V 82 1.67 1.42 1.55 - 0.07 3.50 1.18 ML Gold Corp V 668 0.20 0.18 0.19 + 0.01 0.29 0.04 Monarca Mnrls V 219 0.16 0.13 0.14 - 0.02 0.50 0.08 Monarques Res* O 8 0.27 0.00 0.26 + 0.02 0.48 0.18 Monarques Res V 531 0.39 0.33 0.37 + 0.04 0.66 0.18 Moneta Porcpn* O 148 0.14 0.12 0.14 + 0.02 0.28 0.11 Moneta Porcpn T 1485 0.19 0.16 0.18 + 0.02 0.36 0.15 Monument Mng V 424 0.09 0.09 0.09 - 0.01 0.19 0.07 Morien Res* O 44 0.42 0.41 0.42 + 0.02 0.55 0.21 Morumbi Res* O 3 0.54 0.52 0.52 - 0.02 1.26 0.48 Morumbi Res V 92 0.75 0.69 0.69 - 0.02 1.70 0.08 Mosaic* N 23432 23.90 22.43 23.65 + 0.74 34.36 22.43 Mountain Boy V 132 0.07 0.06 0.07 + 0.01 0.08 0.02

Week

Exc Volume High Low Last Change High Low

N-O

P-Q

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Pancontinental V 287 Paramount Gold* X 169 Parlane Res V 657 Pasinex Res 461 Patriot Gold* O 140 N 4136 Peabody Enrgy* Pedro Res V 396 Pelangio Expl* O 45 Pelangio Expl V 106 Pele Mtn Res* O 27 Peregrine Diam T 1070 Perseus Mng T 304 Pershing Gold* D 256 Pershing Gold T 1 Philex Mng* O 9 Philippine Mtl V 53 Pine Cliff En* O 37 Pine Cliff En T 1589 Pinecrest Res V 87 238 Pistol Bay Mng V Pitchblack Res V 145 O 2 Pitchblack Res* PJSC Polyus Gd* O 19 V 380 PJX Res Plateau Uran V 170 Plateau Uran* O 174 Platinex Inc 89 Platinum Gp Mt* X 2839 Platinum Gp Mt T 525 Playfair Mng V 113 Playfair Mng* O 14 Polaris Mater T 97 PolyMet Mng* X 983 PolyMet Mng T 46 Portage Res* O 865 Potash Corp SK T 8771 Potash Corp SK* N 33847 Potash Ridge T 4354 Potash Ridge* O 27 Power Metals V 746 PPX Mining* O 109 Precipitate Gl V 355 Premier Gold M T 4710 Pretium Res* N 9804 Pretium Res T 2271 Primero Mng T 1565 Primero Mng* N 3309 Prize Mng* O 2 Prize Mng V 234 Probe Metals V 306 Probe Metals* O 181 T 22 Prophecy Coal Prophecy Coal* O 4 Prospector Res V 54 Prospero Silvr V 240 O 224 Prospero Silvr* 11 PUF Vent Inc * O Puma Expl V 944 Pure Energy* O 1134 V 674 Pure Energy Pure Gold Mg* O 329 Pure Gold Mg V 2593 Pure Nickel* O 2 Purepoint Uran V 709 69 QMC Quantum Ml V QMX Gold V 173 Quaterra Res V 52 Quest Rare Mnl* O 47 342 Quest Rare Mnl T V 129 Quinto Real

0.08 0.06 0.07 + 0.01 0.16 0.02 1.65 1.53 1.61 - 0.04 2.93 1.37 0.15 0.12 0.12 + 0.02 0.33 0.10 0.23 0.20 0.22 - 0.01 0.34 0.05 0.10 0.08 0.08 - 0.01 0.23 0.07 25.25 22.87 23.30 - 1.71 32.50 22.61 0.10 0.09 0.10 + 0.01 0.27 0.06 0.04 0.04 0.04 - 0.00 0.06 0.02 0.05 0.04 0.04 - 0.01 0.08 0.04 0.02 0.01 0.02 - 0.00 0.03 0.01 0.22 0.20 0.21 + 0.01 0.32 0.13 0.32 0.30 0.32 + 0.02 0.67 0.28 2.93 2.77 2.90 + 0.04 5.02 2.60 4.00 3.93 3.93 + 0.01 5.52 3.61 0.16 0.16 0.16 - 0.00 0.21 0.10 0.06 0.05 0.06 + 0.01 0.18 0.03 0.63 0.59 0.63 + 0.10 0.89 0.51 0.86 0.78 0.84 + 0.01 1.22 0.64 0.56 0.53 0.53 - 0.01 0.56 0.15 0.07 0.00 0.07 - 0.01 0.14 0.04 0.39 0.29 0.39 + 0.02 0.40 0.06 0.28 0.25 0.25 - 0.02 0.31 0.05 39.00 38.35 39.00 + 0.50 39.92 32.95 0.21 0.19 0.19 - 0.01 0.27 0.13 0.49 0.42 0.44 - 0.03 0.71 0.17 0.34 0.30 0.33 - 0.02 0.54 0.12 0.09 0.08 0.09 + 0.01 0.23 0.08 1.23 1.13 1.19 + 0.01 3.98 1.03 1.66 1.54 1.60 - 0.01 4.95 1.42 0.08 0.07 0.07 - 0.01 0.18 0.04 0.06 0.05 0.06 + 0.00 0.12 0.03 1.10 1.03 1.05 - 0.03 1.49 0.95 0.70 0.62 0.68 + 0.02 1.14 0.62 0.94 0.85 0.90 + 0.01 1.48 0.85 0.00 0.00 0.00 - 0.00 0.00 0.00 22.62 21.43 22.48 + 0.11 26.62 19.93 16.73 15.74 16.61 + 0.30 20.27 15.21 0.31 0.26 0.28 - 0.03 0.41 0.20 0.22 0.19 0.19 - 0.03 0.32 0.15 0.32 0.30 0.30 - 0.01 0.55 0.07 0.05 0.04 0.05 - 0.01 0.13 0.02 0.15 0.13 0.15 + 0.02 0.37 0.11 3.10 2.78 2.98 + 0.08 5.05 1.87 9.91 9.02 9.09 - 0.29 12.53 6.82 13.51 12.22 12.31 - 0.54 16.48 9.05 0.72 0.63 0.65 - 0.06 3.42 0.60 0.53 0.47 0.47 - 0.05 2.63 0.44 0.50 0.49 0.49 - 0.01 0.50 0.43 0.72 0.67 0.67 - 0.03 0.72 0.01 1.51 1.41 1.47 - 0.01 2.18 0.77 1.11 1.04 1.08 - 0.02 1.66 0.58 3.20 2.99 3.07 - 0.13 7.19 1.33 2.35 2.21 2.35 + 0.01 5.17 1.25 1.84 1.50 1.50 - 0.03 1.90 0.01 0.27 0.25 0.26 - 0.01 0.38 0.13 0.20 0.19 0.20 + 0.00 0.26 0.14 0.28 0.25 0.28 + 0.03 0.35 0.05 0.08 0.07 0.07 + 0.01 0.11 0.05 0.43 0.39 0.40 - 0.01 0.74 0.35 0.58 0.53 0.54 - 0.02 0.97 0.47 0.45 0.40 0.44 + 0.04 0.60 0.29 0.61 0.54 0.59 + 0.04 0.77 0.40 0.01 0.01 0.01 + 0.00 0.03 0.00 0.08 0.08 0.08 - 0.01 0.19 0.07 0.14 0.12 0.14 + 0.01 0.19 0.02 0.25 0.22 0.23 + 0.01 0.30 0.04 0.12 0.10 0.11 - 0.01 0.15 0.06 0.10 0.08 0.09 + 0.01 0.23 0.07 0.13 0.12 0.13 + 0.01 0.30 0.10 0.10 0.07 0.10 + 0.02 0.20 0.05

Rackla Mtls* O 1 Rainmaker Res V 212 25 Rainy Mtn Royl* O Rambler Ml &Mg V 297 Randgold Res* D 4377 O 27 Randsburg Int* Randsburg Intl V 133 Rapier Gold V 1275 Raptor Res* O 1630 Rare Element* O 203 V 155 Rathdowney Res Red Eagle Expl V 420 Red Eagle Mng* O 361 Red Eagle Mng T 2276 Red Moon Res V 92 Redstar Gold V 1678 Redstar Gold* O 668 Regulus Res V 220 Reliant Gold V 65 Remo Res V 31 Renaissance Gd* O 108 Renaissance Gd V 406 Renforth Res 990 Resource Cap V 524 Resource Cap* O 7 Reunion Gold V 183 Revelo Res V 287 Rheingold Expl 415 Richmont Mines* N 2261 Richmont Mines T 1534 Rimrock Gold* O 68765 Rio Novo Gold T 161 Rio Silver V 82 Rio Tinto* N 19825 Rio Tinto* O 2 O 2 Rio Tinto* Rise Gold Corp 784 Riverside Res* O 74 Riverside Res V 231 RJK Explor* O 3 Robex Res V 1194 Rock Tech Lith V 99 Rock Tech Lith* O 41 Rockcliff Cop V 499 Rockhaven Res V 126 Rodinia Lithm V 136 Rogue Res* O 117 Rogue Res V 265 Romios Gold Rs* O 31 Romios Gold Rs V 39 RosCan Mrnls V 102 Roughrider Exp V 788 Roxgold T 3837 Roxgold* O 44 Royal Gold* D 3098 Royal Nickel T 3425 Royal Nickel* O 81 Royal Sapphire V 48 Royal Std Mnrl* O 1255 RT Minerals V 2297 RT Minerals* O 10 Rubicon Mnrls* O 240 Rubicon Mnrls T 327 Rugby Mng V 80 Rusoro Mng V 4656 Rusoro Mng* O 2068 Rye Patch Gold* O 445 Rye Patch Gold V 4937

0.09 0.00 0.09 - 0.00 0.17 0.05 0.07 0.00 0.06 + 0.01 0.25 0.06 0.08 0.00 0.08 - 0.00 0.14 0.03 0.16 0.00 0.14 - 0.03 0.22 0.06 97.24 92.40 95.06 + 1.83 126.55 67.54 0.00 0.00 0.00 + 0.00 0.01 0.00 0.01 0.01 0.01 - 0.01 0.03 0.01 0.12 0.11 0.11 - 0.01 0.17 0.06 0.00 0.00 0.00 - 0.00 0.00 0.00 0.24 0.19 0.20 - 0.02 0.53 0.00 0.28 0.26 0.28 + 0.03 0.33 0.14 0.18 0.14 0.17 + 0.02 0.30 0.08 0.52 0.47 0.50 + 0.08 0.79 0.33 0.70 0.62 0.67 + 0.08 1.05 0.57 0.05 0.03 0.05 + 0.01 0.09 0.02 0.12 0.11 0.12 + 0.01 0.17 0.05 0.09 0.08 0.09 - 0.00 0.15 0.03 1.95 1.80 1.86 - 0.09 2.00 0.62 0.03 0.02 0.03 + 0.01 0.05 0.02 0.13 0.11 0.13 + 0.02 0.30 0.09 0.28 0.24 0.24 - 0.01 0.52 0.20 0.37 0.32 0.33 - 0.04 0.66 0.25 0.08 0.06 0.07 + 0.01 0.08 0.02 0.16 0.15 0.16 + 0.02 0.35 0.06 0.12 0.00 0.11 - 0.01 0.26 0.04 0.11 0.10 0.11 + 0.01 0.17 0.02 0.05 0.04 0.04 - 0.01 0.12 0.04 0.40 0.30 0.35 + 0.10 0.40 0.02 7.60 7.05 7.40 + 0.15 11.66 5.45 10.39 9.64 9.96 + 0.11 15.01 7.36 0.00 0.00 0.00 - 0.00 0.00 0.00 0.12 0.11 0.11 - 0.01 0.30 0.09 0.07 0.06 0.07 - 0.01 0.18 0.04 41.72 39.11 41.38 + 2.69 47.11 26.95 47.00 0.00 47.00 + 2.90 52.50 33.85 40.53 0.00 40.53 + 2.33 46.20 26.85 0.26 0.21 0.25 - 0.01 0.40 0.15 0.36 0.33 0.36 + 0.04 0.46 0.21 0.50 0.45 0.49 + 0.05 0.60 0.27 0.12 0.12 0.12 - 0.00 0.19 0.06 0.08 0.06 0.07 - 0.01 0.14 0.06 0.84 0.80 0.82 - 0.04 1.45 0.21 0.61 0.61 0.61 - 0.06 0.83 0.17 0.08 0.07 0.07 - 0.01 0.16 0.04 0.18 0.16 0.17 + 0.01 0.29 0.14 0.12 0.10 0.12 + 0.02 0.16 0.08 0.36 0.29 0.30 - 0.06 0.56 0.25 0.43 0.38 0.39 - 0.01 0.90 0.32 0.04 0.03 0.04 - 0.00 0.08 0.03 0.05 0.05 0.05 - 0.01 0.10 0.04 0.10 0.08 0.10 + 0.01 0.12 0.01 0.08 0.07 0.08 + 0.01 0.15 0.05 1.35 1.13 1.33 + 0.18 1.76 1.06 0.94 0.84 0.92 + 0.14 1.35 0.78 80.88 76.71 78.80 + 1.74 87.74 52.69 0.24 0.19 0.23 + 0.02 0.49 0.17 0.18 0.14 0.17 + 0.01 0.37 0.12 0.35 0.17 0.35 + 0.15 0.35 0.03 0.00 0.00 0.00 - 0.00 0.01 0.00 0.13 0.11 0.12 + 0.01 0.29 0.06 0.07 0.07 0.07 + 0.01 0.14 0.05 1.30 1.19 1.26 + 0.10 11.35 1.10 1.76 1.58 1.70 + 0.12 2.39 1.30 0.40 0.35 0.36 - 0.04 0.58 0.15 0.11 0.09 0.10 + 0.01 0.41 0.09 0.08 0.07 0.08 + 0.02 0.31 0.06 0.22 0.19 0.21 + 0.04 0.37 0.16 0.29 0.26 0.29 + 0.05 0.47 0.22

Sabina Gd&Slvr T 2202 Sabina Gd&Slvr* O 859 Sage Gold* O 13 Saint Jean* O 578 Saint Jean V 4938 Salazar Res* O 41 Salazar Res V 659 Salt Lake Pot* O 15 Sama Graphite V 295 Samex Mng* O 35 San Marco Res V 513 San Marco Res* O 49 Sanatana Diam V 843 V 1186 Sandspring Res Sandspring Res* O 290 Sandstorm Gold T 2633 Sandstorm Gold* X 12138 Sandy Lake Gld V 891 Santa Fe Gold* O 859 Santacruz Silv V 985 Sarama Res V 593 Sarissa Res* O 1479 Satori Res V 208

2.00 1.85 1.97 + 0.13 2.00 0.84 1.47 1.35 1.45 + 0.12 1.47 0.61 0.13 0.13 0.13 - 0.00 0.16 0.04 0.05 0.04 0.04 - 0.01 0.26 0.02 0.06 0.05 0.05 - 0.01 0.35 0.03 0.13 0.11 0.13 + 0.02 0.14 0.07 0.18 0.14 0.16 + 0.02 0.18 0.07 0.40 0.39 0.40 + 0.02 0.50 0.24 0.37 0.32 0.37 + 0.05 0.58 0.05 0.00 0.00 0.00 + 0.00 0.01 0.00 0.19 0.15 0.16 - 0.03 0.30 0.08 0.13 0.11 0.12 - 0.02 0.22 0.06 0.05 0.04 0.04 - 0.01 0.07 0.01 0.43 0.40 0.41 - 0.01 0.94 0.31 0.32 0.29 0.31 + 0.01 0.72 0.23 5.10 4.75 4.78 - 0.17 8.73 4.29 3.77 3.50 3.54 - 0.07 6.75 3.18 0.07 0.06 0.06 - 0.01 0.59 0.04 0.12 0.10 0.11 - 0.00 0.23 0.00 0.23 0.21 0.23 + 0.01 0.59 0.20 0.20 0.18 0.18 - 0.02 0.55 0.13 0.00 0.00 0.00 - 0.00 0.01 0.00 0.24 0.00 0.21 - 0.03 0.30 0.07

2017-05-23 8:19 PM

WWW.NORTHERNMINER.COM

MAY 29–JUNE 11, 2017 / THE NORTHERN MINER

S T O C K TA B L E S (100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Saturn Mnrls V 551 Savant Expl V 5220 Savary Gold V 254 Savary Gold* O 65 Scandium Intl T 1248 Scandium Intl* O 539 Scientific Met* O 888 Scientific Met V 2807 Scorpio Gold V 808 ScoZinc Mg V 35 Seabridge Gld* N 3205 Seabridge Gld T 418 Search Mnls V 571 Searchlight* O 102 Secova Mtls* O 74 Sego Res V 95 Select Sands V 997 Semafo T 14108 Senator Mnrls V 43 Serabi Gold T 22 Serengeti Res V 288 Sherritt Intl T 1673 Shore Gold T 1478 Shoshoni Gold V 32 Sibanye Gold* N 23699 Sidney Resrces* O 20 Sienna Res V 159 Sienna Res* O 55 Sierra Metals* O 12 Sierra Metals T 15 Signature Res V 151 Silver Bull Re* O 1991 Silver Bull Re T 4378 Silver Dragon* O 2673 Silver Grail V 819 Silver Predatr* O 57 Silver Predatr V 110 Silver Pursuit V 3 Silver Range V 90 Silver Scott* O 4 Silver Shield 702 Silver Spruce V 160 Silver Spruce* O 2 Silver Std Res T 2138 Silver Std Res* D 9785 Silver Wheaton T 3734 Silver Wheaton* N 12641 Silvercorp Met T 3278 Silvercorp Met* X 734 SilverCrest Mt* O 143 SilverCrest Mt V 129 Silvermet V 421 Sirios Res V 372 Sirios Res* O 80 Skeena Res* O 33 Skeena Res V 791 Skyharbour Res* O 311 Skyharbour Res V 500 Solitario Ex&R T 14 Solitario Ex&R* X 289 Sonora Gld & S V 362 Sonora Res * O 504 Southern Arc V 104 Southern Arc* O 10 Southern Copp* N 3585 Southern Lith V 2601 Southern Silvr* O 438 Southern Silvr V 1068 T 409 SouthGobi Res Spanish Mtn Gd V 612 Spanish Mtn Gd* O 470 Sparton Res* O 115 Sparton Res V 213 Sprott Res Hld T 1916 St Augustine T 2646 St-Georges Plt* O 85 Stakeholdr Gld V 96 Stakeholdr Gld* O 36 Standard Graph V 422 Standard Lith V 537

0.08 0.07 0.08 - 0.01 0.13 0.07 0.08 0.05 0.07 + 0.01 0.10 0.01 0.09 0.08 0.09 - 0.01 0.15 0.07 0.07 0.06 0.07 - 0.00 0.12 0.05 0.40 0.36 0.37 - 0.03 0.48 0.14 0.29 0.26 0.28 - 0.01 0.35 0.10 0.66 0.47 0.60 - 0.06 0.88 0.27 0.90 0.65 0.80 - 0.11 1.18 0.16 0.08 0.07 0.08 - 0.01 0.15 0.06 1.05 0.00 1.05 + 0.01 1.26 0.58 11.45 10.40 10.80 - 0.15 15.88 7.35 15.51 14.20 14.62 - 0.32 20.71 9.99 0.09 0.06 0.07 - 0.02 0.10 0.06 0.04 0.04 0.04 - 0.00 0.13 0.01 0.05 0.04 0.05 + 0.00 0.09 0.03 0.05 0.05 0.05 - 0.01 0.08 0.02 1.35 1.15 1.17 - 0.11 2.04 0.20 3.19 2.85 2.91 - 0.21 7.46 2.68 1.08 0.95 1.07 + 0.08 1.10 0.23 0.09 0.08 0.09 + 0.01 0.12 0.07 0.15 0.13 0.15 + 0.01 0.33 0.07 0.86 0.79 0.83 + 0.04 1.67 0.69 0.28 0.21 0.22 - 0.01 0.28 0.17 0.05 0.00 0.05 + 0.01 0.25 0.04 8.83 5.27 5.51 - 3.20 20.97 5.27 0.01 0.00 0.01 + 0.00 0.02 0.00 0.11 0.10 0.10 - 0.01 0.27 0.09 0.08 0.07 0.07 - 0.00 0.20 0.07 2.63 2.49 2.55 + 0.00 2.75 0.97 3.51 3.30 3.37 - 0.13 3.75 1.21 0.15 0.11 0.12 - 0.02 0.19 0.02 0.09 0.06 0.07 - 0.01 0.21 0.06 0.12 0.09 0.09 - 0.02 0.28 0.09 0.03 0.03 0.03 - 0.00 0.04 0.00 0.07 0.06 0.06 - 0.01 0.16 0.05 0.04 0.03 0.03 - 0.02 0.08 0.02 0.05 0.04 0.04 - 0.01 0.12 0.03 0.17 0.00 0.17 + 0.01 0.23 0.06 0.29 0.24 0.25 - 0.03 0.29 0.08 0.03 0.02 0.02 - 0.01 0.04 0.00 0.08 0.05 0.08 + 0.01 0.14 0.03 0.08 0.07 0.08 + 0.01 0.14 0.05 0.05 0.00 0.05 + 0.00 0.10 0.04 14.58 13.59 13.67 - 0.31 20.48 10.32 10.72 9.96 10.11 - 0.10 15.84 7.70 29.90 28.04 28.46 + 0.17 40.80 22.63 22.00 20.57 21.08 + 0.43 31.35 16.94 4.69 4.06 4.08 - 0.42 5.90 2.03 3.67 2.99 3.03 - 0.19 4.50 1.55 1.90 1.42 1.75 + 0.26 3.13 0.69 2.20 1.97 1.99 - 0.01 4.09 0.90 0.10 0.09 0.09 - 0.01 0.13 0.03 0.38 0.36 0.36 - 0.01 1.42 0.25 0.27 0.00 0.27 + 0.01 1.13 0.21 0.05 0.04 0.05 - 0.00 0.15 0.04 0.07 0.06 0.06 - 0.01 0.20 0.06 0.40 0.34 0.34 - 0.02 0.54 0.18 0.54 0.45 0.45 - 0.04 0.70 0.16 1.05 0.98 0.98 - 0.02 1.29 0.58 0.78 0.70 0.75 + 0.03 0.95 0.43 0.09 0.08 0.08 - 0.03 0.15 0.04 0.00 0.00 0.00 - 0.00 0.00 0.00 0.67 0.62 0.66 + 0.04 1.09 0.34 0.45 0.45 0.45 - 0.01 0.75 0.26 35.04 32.98 34.58 - 0.02 39.50 24.90 0.34 0.23 0.25 - 0.03 0.49 0.05 0.35 0.27 0.32 + 0.04 0.52 0.12 0.47 0.38 0.43 + 0.04 0.66 0.21 0.40 0.32 0.40 + 0.08 0.65 0.22 0.19 0.14 0.18 + 0.03 0.23 0.08 0.14 0.11 0.13 + 0.03 0.17 0.06 0.04 0.04 0.04 - 0.01 0.07 0.02 0.06 0.06 0.06 + 0.01 0.09 0.03 0.19 0.17 0.18 - 0.01 0.23 0.13 0.05 0.04 0.04 - 0.01 0.13 0.02 0.04 0.03 0.04 - 0.00 0.05 0.01 0.35 0.28 0.28 - 0.05 0.89 0.19 0.25 0.24 0.25 + 0.01 0.67 0.17 0.16 0.15 0.16 - 0.01 0.20 0.05 0.94 0.82 0.87 - 0.04 1.25 0.20

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Standard Metal* O 20 Stans Energy* O 104 Star Gold* O 29 Starcore Intl T 154 Stelmine Can V 46 Sterling Grp* O 644 Stina Res* O 80 Stina Res 1037 Stockport Expl V 9 Stonegate Agri* O 52 Stonegate Agri T 340 Stornoway Diam* O 19 Stornoway Diam T 1118 Strata Mnls V 38 Strategic Metl V 211 Strategic Res V 8 Strikepoint Gd* O 22 V 798 Strongbow Expl Sulliden Mng T 128 Sultan Mnrls V 167 Suncor Energy* N 11449 Suncor Energy T 12219 Superior Gold V 48 Superior Mng V 113 Supreme Metals 679 Sutter Gold* O 217 Syrah Res* O 13

0.12 0.08 0.08 - 0.04 0.22 0.04 0.04 0.02 0.02 - 0.00 0.06 0.01 0.08 0.00 0.08 - 0.02 0.20 0.04 0.48 0.42 0.43 - 0.05 0.91 0.42 0.28 0.27 0.28 - 0.01 0.38 0.05 0.07 0.07 0.07 - 0.01 0.18 0.02 0.09 0.08 0.09 + 0.00 0.14 0.05 0.13 0.11 0.12 + 0.01 0.18 0.07 0.03 0.00 0.03 - 0.01 0.06 0.02 0.01 0.01 0.01 - 0.00 0.02 0.01 0.02 0.01 0.01 - 0.01 0.03 0.01 0.61 0.59 0.60 + 0.02 0.96 0.58 0.85 0.81 0.84 + 0.02 1.33 0.79 0.35 0.21 0.35 + 0.05 0.35 0.08 0.62 0.57 0.61 + 0.03 0.86 0.37 0.15 0.00 0.15 - 0.02 0.34 0.10 0.40 0.34 0.34 + 0.00 0.47 0.14 0.17 0.15 0.17 + 0.02 0.25 0.12 0.30 0.00 0.29 + 0.01 0.47 0.25 0.11 0.10 0.10 - 0.01 0.18 0.05 32.48 31.04 32.04 + 0.36 33.79 25.60 44.19 42.19 43.30 - 0.15 44.90 33.49 1.01 0.97 0.97 - 0.04 1.25 0.85 0.01 0.01 0.01 + 0.01 0.04 0.01 0.04 0.04 0.04 - 0.01 0.15 0.02 0.03 0.03 0.03 - 0.00 0.09 0.03 1.96 1.85 1.85 - 0.20 4.90 1.68

Tahoe Res* N 13930 Tahoe Res T 6568 Tajiri Res V 174 Taku Gold* O 3 Taku Gold 278 Tamino Mnrls* O 1050 Tanager Energy V 577 Tango Mining V 1925 V 568 Tanqueray Expl Tanzania Rlty T 174 Tanzania Rlty* X 857 Taranis Res V 268 Tarku Res V 15 Tartisan Res 306 Tasca Res V 148 Taseko Mines* X 6468 Taseko Mines T 1974 T 10800 Teck Res Teck Res* N 19030 Teck Res T 10 Telferscot Res 332 Telson Res * O 91 Telson Res V 268 Tembo Gold V 844 Tembo Gold* O 93 Teranga Gold T 4332 Teras Res V 240 Terrax Mnrls V 437 Terrax Mnrls* O 17 Teslin Rvr Res V 762 Tesoro Mnrls V 21 Teuton Res V 174 Teuton Res* O 36 Texas Mineral* O 110 Thor Expl V 186 Thunder Mtn Gd* O 200 Thunder Mtn Gd V 25 Till Capital* D 9 Till Capital V 2 V 30 Timberline Res Timberline Res* O 79 Timmins Gold T 3485 Timmins Gold* X 2163 Tinka Res* O 896 Tinka Res V 1842 Tintina Res* O 176 Tintina Res V 211 Tirex Res V 2259 Tirex Res* O 329 Titanium Corp V 126

9.54 8.99 9.47 + 0.24 17.01 7.12 12.98 12.25 12.79 + 0.14 22.13 9.58 0.14 0.10 0.11 - 0.03 0.21 0.03 0.09 0.09 0.09 - 0.00 0.14 0.00 0.13 0.12 0.12 - 0.01 0.19 0.06 0.00 0.00 0.00 - 0.00 0.00 0.00 0.20 0.17 0.18 + 0.01 0.20 0.05 0.05 0.00 0.04 - 0.01 0.14 0.02 1.17 0.98 1.00 - 0.10 1.56 0.03 0.73 0.68 0.71 + 0.01 1.95 0.51 0.55 0.50 0.51 - 0.00 1.49 0.39 0.10 0.08 0.10 + 0.02 0.15 0.06 0.05 0.05 0.05 - 0.01 0.10 0.03 0.15 0.11 0.15 - 0.01 0.18 0.03 0.13 0.11 0.12 - 0.02 0.21 0.03 1.34 1.11 1.31 + 0.16 1.63 0.41 1.82 1.51 1.77 + 0.21 2.12 0.55 25.75 23.71 25.29 + 0.03 35.67 11.90 18.95 17.43 18.69 + 0.25 26.60 9.20 26.42 24.79 25.86 - 0.50 36.49 13.60 0.02 0.02 0.02 + 0.01 0.05 0.01 0.29 0.21 0.23 - 0.07 0.43 0.11 0.40 0.30 0.30 - 0.10 0.55 0.15 0.03 0.03 0.03 + 0.01 0.07 0.03 0.03 0.02 0.03 + 0.00 0.06 0.02 3.86 3.10 3.15 - 0.51 7.00 3.13 0.15 0.13 0.14 - 0.01 0.21 0.10 0.65 0.59 0.60 + 0.01 1.05 0.32 0.47 0.00 0.47 + 0.02 0.80 0.25 0.53 0.48 0.51 + 0.01 0.63 0.21 0.07 0.00 0.06 - 0.02 0.12 0.05 0.21 0.19 0.21 + 0.02 0.46 0.15 0.13 0.13 0.13 + 0.01 0.34 0.11 0.21 0.19 0.19 - 0.02 0.39 0.09 0.25 0.18 0.25 + 0.06 0.25 0.05 0.14 0.13 0.14 + 0.01 0.16 0.02 0.18 0.18 0.18 + 0.01 0.23 0.10 4.10 0.00 4.10 + 0.19 5.00 3.00 5.40 4.70 5.40 + 0.40 6.00 3.89 0.60 0.51 0.58 + 0.03 0.73 0.28 0.47 0.36 0.46 + 0.04 0.53 0.02 6.64 0.62 6.30 + 0.10 8.00 3.00 4.85 0.45 4.68 + 0.06 6.28 2.32 0.53 0.42 0.50 + 0.05 0.59 0.13 0.73 0.58 0.67 + 0.04 0.78 0.17 0.09 0.07 0.09 + 0.02 0.12 0.04 0.12 0.09 0.12 + 0.03 0.15 0.06 0.05 0.04 0.04 - 0.01 0.14 0.04 0.03 0.03 0.03 - 0.00 0.11 0.03 1.05 0.94 0.95 - 0.13 1.25 0.35

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

TMAC Resource* O 4 TMAC Resources T 183 TNR Gold V 766 Toachi Mg Inc V 149 TomaGold V 874 Tombstone Expl* O 6675 Torex Gold T 1913 Torex Gold* O 41 Toron, Inc* O 6230 Torq Resources V 161 Tower Res V 177 Tower Res* O 51 Transition Mtl V 88 Treasury Metal T 2784 Trecora Res* N 164 Trek Mining V 707 Trek Mining* O 189 Trevali Mng T 7880 Trevali Mng* O 292 357 Tri Origin Exp V Trilogy Mtls T 23 Trilogy Mtls* X 472 TriMetals Mng T 110 TriMetals Mng* O 59 TriMetals Mng* O 40 Trio Resources* O 803 TriStar Gold* O 93 TriStar Gold V 247 Triumph Gold V 188 Triumph Gold* O 77 True Grit Res V 302 Trueclaim Expl V 73 Tsodilo Res V 9 Tudor Gold * O 3 Tudor Gold V 74 Tungsten Corp* O 219 Turquoise HIl* N 18398 Turquoise HIl T 5243 TVI Pacific* O 211 TVI Pacific V 636 Typhoon Expl V 39

11.28 0.00 10.96 + 0.89 15.16 9.73 15.49 13.50 14.81 + 0.57 20.18 12.86 0.04 0.00 0.04 + 0.01 0.08 0.02 0.43 0.37 0.42 + 0.02 0.62 0.30 0.09 0.09 0.09 - 0.01 0.17 0.06 0.01 0.01 0.01 + 0.01 0.02 0.00 24.15 22.58 23.33 + 0.08 35.17 17.05 17.67 16.65 17.26 + 0.28 27.34 12.73 0.00 0.00 0.00 + 0.00 0.01 0.00 0.79 0.73 0.77 + 0.04 1.00 0.23 0.16 0.14 0.16 + 0.01 0.21 0.04 0.12 0.11 0.11 - 0.00 0.13 0.05 0.18 0.17 0.17 - 0.01 0.25 0.12 0.75 0.63 0.75 + 0.14 0.90 0.46 11.55 10.80 11.00 - 0.30 14.80 9.75 1.36 1.21 1.22 - 0.02 2.55 1.09 1.00 0.89 0.90 - 0.00 1.64 0.79 1.18 1.03 1.17 + 0.04 1.57 0.41 0.88 0.76 0.86 + 0.04 1.16 0.33 0.06 0.05 0.06 + 0.01 0.08 0.04 0.97 0.00 0.90 - 0.04 1.02 0.57 0.72 0.65 0.67 - 0.02 0.85 0.41 0.25 0.24 0.24 - 0.01 0.35 0.18 0.19 0.17 0.18 + 0.01 0.28 0.13 0.16 0.12 0.14 + 0.00 0.27 0.11 0.00 0.00 0.00 - 0.00 0.00 0.00 0.26 0.23 0.25 + 0.01 0.41 0.15 0.35 0.32 0.32 - 0.02 0.53 0.22 0.42 0.38 0.40 + 0.02 0.50 0.14 0.30 0.27 0.28 + 0.00 0.38 0.12 0.03 0.00 0.03 + 0.02 0.08 0.01 0.03 0.02 0.03 + 0.01 0.05 0.02 0.92 0.85 0.85 - 0.09 1.05 0.50 0.41 0.41 0.41 + 0.01 1.26 0.33 0.63 0.56 0.63 + 0.03 2.50 0.37 0.00 0.00 0.00 - 0.00 0.00 0.00 2.83 2.52 2.76 + 0.11 3.80 2.52 3.86 3.43 3.72 + 0.10 5.03 3.43 0.02 0.01 0.01 - 0.01 0.06 0.00 0.02 0.01 0.02 + 0.01 0.03 0.01 0.08 0.07 0.07 - 0.01 0.15 0.06

U.S. Lithium* O 689 U3O8 Corp* O 300 U3O8 Corp T 975 Ucore Rare Mtl V 451 318 Ucore Rare Mtl* O UEX Corp T 2464 Ultra Lithium V 45 Umbral Enrgy 1039 Unigold* O 93 United Res Hdg* O 111 209 United States A* X United States S* N 74184 Ur-Energy* X 1226 Ur-Energy T 182 Uracan Res* O 11 X 6771 Uranium Energy* Uranium Hunter* O 1 Uranium Res* D 1768 Uranium Valley V 15 US Energy* D 74 US Precious M* O 2656 US Rare Earths* O 5 US Tungsten* O 49 USCorp* O 138 Vale* N 184674 N 70494 Vale* ValGold Res V 32 Valley High Mg* O 4323 Valterra Res V 602 Vanadium One V 499 O 580 Vanadiumcorp* Vangold Res V 71 Vantex Res V 51 Vatic Vent V 59 Vedanta* N 3392 Vendetta Mng V 1086

0.03 0.03 0.03 + 0.00 0.15 0.01 0.02 0.02 0.02 + 0.00 0.04 0.01 0.03 0.03 0.03 + 0.01 0.05 0.02 0.29 0.26 0.28 + 0.01 0.45 0.26 0.21 0.19 0.20 - 0.00 0.35 0.19 0.23 0.21 0.23 + 0.01 0.43 0.15 0.20 0.00 0.18 + 0.01 0.29 0.15 0.06 0.05 0.06 + 0.01 0.11 0.02 0.23 0.19 0.23 + 0.01 0.51 0.12 0.02 0.01 0.01 - 0.01 0.04 0.01 0.47 0.38 0.45 + 0.02 0.60 0.20 20.63 18.55 19.59 - 0.45 41.83 13.00 0.62 0.52 0.57 + 0.02 0.91 0.41 0.81 0.72 0.78 + 0.02 1.19 0.55 0.04 0.02 0.03 + 0.00 0.08 0.02 1.58 1.35 1.44 - 0.10 1.92 0.69 1.80 0.00 1.50 - 0.30 4.00 0.85 1.73 1.48 1.52 - 0.16 4.00 0.97 0.13 0.10 0.10 - 0.03 0.35 0.06 0.90 0.75 0.82 + 0.01 2.84 0.67 0.01 0.00 0.00 - 0.00 0.02 0.00 0.14 0.00 0.14 - 0.02 0.80 0.02 0.00 0.00 0.00 + 0.00 0.00 0.00 0.00 0.00 0.00 + 0.00 0.03 0.00 8.83 7.47 8.42 + 0.16 11.70 3.85 8.40 7.06 7.96 + 0.13 11.10 2.99 0.04 0.04 0.04 - 0.01 0.08 0.02 0.01 0.00 0.01 - 0.00 0.02 0.00 0.04 0.04 0.04 + 0.01 0.09 0.01 0.10 0.08 0.10 + 0.01 0.19 0.08 0.06 0.05 0.06 - 0.00 0.06 0.02 0.20 0.17 0.17 - 0.03 0.22 0.03 0.17 0.14 0.14 - 0.03 0.40 0.10 0.08 0.06 0.07 + 0.01 0.15 0.06 15.56 14.26 14.70 - 0.31 17.34 5.71 0.27 0.25 0.26 - 0.01 0.29 0.06

U-V

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

O 244 Vendetta Mng* V 36 Venerable Vent Verde Potash T 319 Victoria Gold V 2001 Victory Nickel 75 Virginia Enrgy V 12 Viscount Mng V 533 119 Visible Gold M V Vista Gold* X 1278 Vista Gold T 35 Volcanic Gold V 172 Voltaic Min V 503 Voyageur Min V 106 VR Resources V 131 Vulcan Mnrls V 195

0.08 0.20 - 0.00 0.22 0.20 0.19 0.11 0.18 + 0.02 0.18 0.18 0.00 0.20 0.80 - 0.05 0.94 0.92 0.76 0.40 0.70 + 0.04 0.80 0.71 0.66 0.02 0.06 + 0.01 0.09 0.06 0.00 0.04 0.08 + 0.02 0.38 0.08 0.00 0.25 0.29 - 0.02 0.91 0.31 0.25 0.22 0.19 0.21 + 0.01 0.45 0.17 0.65 0.92 - 0.06 2.09 1.00 0.91 0.81 1.26 - 0.06 2.73 1.34 1.25 0.09 0.60 + 0.04 0.65 0.62 0.59 0.05 0.09 - 0.01 0.51 0.11 0.09 0.07 0.07 - 0.01 0.13 0.08 0.07 0.14 0.23 - 0.02 0.51 0.25 0.21 0.03 0.07 - 0.01 0.08 0.08 0.07

Walker River V 575 T 459 Wallbridge Mng O 310 Walter Energy* 631 War Eagle Mg V Waseco Res V 213 Wealth Mnrls* O 452 Wealth Mnrls V 897 O 271 Wellgreen Plat* Wellgreen Plat T 279 V 34 Wescan Gldflds T 3256 Wesdome Gold 49 V West Af Res 37 West High Yld V West Kirkland V 507 343 West Kirkland * O 63 West Red Lake* O 481 West Red Lake X 381 Western Copper* T 495 Western Copper T 77 Western Potash Western Res* O 22 Western Troy C V 3771 Western Uran 28 Western Uran* O 15 V 156 Westhaven Vent V 38 Westminster Rs Westmoreland* D 2744 Westridge Res V 414 White Gold V 474 White Gold* O 15 O 22 Wincash Apolo* 753 Winston Gld Mg* O Winston Res 79 Wolfden Res* O 96 Wolfden Res V 381 Wolfeye Res V 176 V 70 Wolverine Mnls WPC Res V 296 X-Terra Res* O 136 X-Terra Res V 1152 Xander Res V 189 Xiana Mng V 65 Ximen Mng* O 14 481 XLI Tech Inc* O O 28 Xtra-Gold Res* Xtra-Gold Res T 462 Yamana Gold T 19522 56444 Yamana Gold* N Yorbeau Res T 2990 1 You Han Data* O 14 O Zadar Vent * Zadar Vent V 362 Zazu Metals V 315 Zazu Metals* O 309 Zenyatta Vent V 256 O 27 Zenyatta Vent* Zephyr Mnls* O 69 Zephyr Mnls V 85 Zimtu Capital V 55 Zinc One Res V 5604 Zinc One Res * O 1376 Zonte Mtls V 546

0.05 0.14 - 0.01 0.18 0.14 0.13 0.04 0.10 - 0.01 0.14 0.11 0.09 0.03 0.06 + 0.01 0.28 0.06 0.05 0.06 0.05 0.05 + 0.01 0.07 0.01 0.03 0.04 - 0.01 0.12 0.06 0.04 0.46 1.45 + 0.13 1.41 1.45 1.25 0.60 1.97 + 0.18 1.97 1.97 1.67 0.16 0.21 + 0.03 0.46 0.21 0.17 0.22 0.27 + 0.02 0.62 0.28 0.25 0.04 0.07 - 0.01 0.13 0.08 0.07 1.50 3.33 - 0.09 4.40 3.65 3.24 0.27 0.00 0.27 + 0.02 0.40 0.15 0.35 0.30 0.31 - 0.01 0.43 0.09 0.08 0.08 - 0.01 0.17 0.09 0.08 0.07 0.05 0.07 + 0.02 0.13 0.05 0.18 0.14 0.18 + 0.03 0.31 0.10 0.23 0.19 0.23 + 0.04 0.40 0.16 0.56 1.10 + 0.08 1.80 1.10 1.00 0.73 1.48 + 0.07 2.24 1.49 1.35 0.53 0.59 - 0.01 1.80 0.60 0.00 0.39 0.44 - 0.03 0.47 0.44 0.42 0.03 0.02 0.02 - 0.01 0.04 0.01 1.22 1.52 - 0.03 2.80 1.70 1.50 0.96 1.14 - 0.01 2.67 1.21 0.00 0.07 0.12 + 0.02 0.16 0.12 0.08 0.15 0.26 + 0.02 1.35 0.26 0.21 9.74 6.84 7.19 - 2.63 19.92 6.84 0.01 0.26 - 0.04 0.39 0.30 0.25 0.07 2.14 + 0.09 2.24 2.24 1.92 0.05 1.59 + 0.08 1.65 1.65 1.43 0.03 0.10 - 0.00 0.22 0.10 0.07 0.05 0.04 0.05 + 0.00 0.49 0.03 0.02 0.70 - 0.03 0.82 0.70 0.00 0.10 0.11 + 0.01 0.12 0.12 0.00 0.08 0.15 - 0.01 0.19 0.16 0.14 0.23 0.71 - 0.03 0.99 0.73 0.68 0.06 0.07 - 0.01 0.15 0.08 0.07 0.05 0.06 - 0.01 0.13 0.06 0.06 0.16 0.23 + 0.01 0.23 0.23 0.21 0.12 0.30 + 0.05 0.40 0.31 0.25 0.26 0.34 - 0.06 0.49 0.42 0.34 0.03 0.12 - 0.01 0.21 0.13 0.11 0.03 0.03 - 0.01 0.13 0.05 0.03 0.02 0.02 0.02 - 0.00 0.09 0.00 0.12 0.19 + 0.05 0.43 0.19 0.16 0.17 0.27 + 0.05 0.56 0.27 0.20 3.29 3.79 + 0.08 7.87 3.89 3.66 2.40 2.81 + 0.09 5.99 2.87 2.68 0.08 0.08 + 0.01 0.14 0.09 0.08 1.00 1.00 1.00 - 0.15 1.15 0.75 0.08 0.07 0.07 - 0.01 0.17 0.05 0.08 0.09 - 0.01 0.26 0.10 0.09 0.15 0.32 - 0.01 0.46 0.33 0.30 0.11 0.24 + 0.02 0.33 0.24 0.22 0.63 0.97 + 0.07 1.55 1.08 0.89 0.49 0.70 + 0.05 1.17 0.77 0.00 0.16 0.21 - 0.05 0.30 0.26 0.20 0.19 0.28 - 0.08 0.42 0.35 0.27 0.15 0.31 - 0.02 0.40 0.34 0.00 0.73 0.63 0.70 + 0.09 0.90 0.04 0.55 0.48 0.52 + 0.07 0.81 0.01 0.05 0.33 - 0.03 0.49 0.40 0.32

W-Z

BID-ASK — MAY 15–19, 2017 STOCK

37 Capital One Acme Res Corp African Metals Aftermath Slvr Aida Minerals Alba Minerals Alberta Star Alderon Iron* Alexandra Cap Allante Potash Alliance Mng ALQ Gold Altan Rio Mnls Altitude Res Amanta Res Anglo Pac Grp APAC Res Inc Arch Coal* Arco Res Ardonblue Vent Argus Metals Arian Res Asbestos Corp Astur Gold Atlantic Ind Atlatsa Res* Auramex Res Aurelius Min Balto Res Barksdale Cap Baroyeca Go&Si BC Moly Benz Mining Bethpage Cap BHK Mining Bird River Res Bluenose Gold Bluestone Res Boss Power Brigadier Gold Bullion Gld Res Bullman Mnls Cairo Res Carmax Mng Carrara Explor Carrie Arran Cascade Res Cassidy Gold Catalina Gold Cerro Grande Chieftain Mtls Chinapintza Mg Cicada Vents CIM Intl Grp Cleghorn Mnls Cliffs Nat Res* Clydesdale Res Cobalt 27 Cap Comet Inds Compliance Egy Cons Westview Corazon Gold Coronet Mtls Cricket Res CWN M’g Acq Cyprium Mng Dawson Gold Delrand Res Discovery Harb Discovery-Corp Duncan Park H DuSolo Fertil Emgold Mng Empire Rock Enfield Expl Essex Minerals European Metal Eurotin Everest Vent Excalibur Res

12-MONTH

EXC BID ASK LAST HIGH

C V V V C V V X C V V C V V V T C N V V V V V V V X V V V V V V V V V C V V V V V V V V C V V V V C V V V C V N V V V V V V V V V V V V V V V V V V C V C V V C

20-22_MAY29_StockTables.indd 22

0.20 0.50 0.20 0.25 0.01 0.03 0.02 0.06 0.09 0.06 0.11 ... 0.01 0.01 0.03 0.09 0.14 0.10 0.14 0.15 0.16 0.16 0.28 0.20 0.22 0.20 0.23 ... 0.40 0.14 0.52 0.06 0.10 0.06 0.06 0.07 0.11 0.06 0.07 0.06 0.06 0.04 0.05 0.05 0.10 0.05 0.06 0.02 0.03 0.02 0.04 0.05 0.06 0.06 0.21 0.01 0.02 0.01 1.75 2.50 1.70 2.02 0.04 0.09 0.04 0.14 ... ... 0.58 ... 0.14 0.06 0.10 0.08 0.10 0.08 0.12 0.09 0.11 0.09 0.15 0.01 0.02 0.01 0.02 0.21 0.40 0.25 0.30 0.06 0.08 0.08 0.10 0.01 0.04 0.03 0.05 ... ... 0.06 0.45 0.04 0.05 0.04 0.05 0.13 0.14 0.14 0.15 0.02 0.03 0.02 0.02 0.42 0.57 0.48 0.65 0.01 0.02 0.02 0.02 0.05 0.06 0.05 0.09 0.03 0.03 0.03 0.08 0.07 0.15 0.07 0.16 0.03 0.04 0.03 0.08 0.07 0.09 0.09 0.09 0.04 0.05 0.05 0.05 0.10 0.15 0.10 0.23 0.17 0.20 0.17 0.17 0.25 0.17 0.30 0.09 0.12 0.09 0.14 0.11 0.12 0.12 0.12 0.25 0.36 0.24 0.60 0.03 0.03 0.03 0.04 0.17 0.22 0.22 0.29 0.05 ... 0.05 0.07 0.02 0.04 0.02 0.05 0.01 0.02 0.02 0.04 0.05 0.07 0.08 0.08 0.01 0.02 0.02 0.08 ... ... 0.05 0.23 0.01 0.15 0.01 0.01 0.01 0.01 0.01 0.01 0.42 0.78 0.79 1.35 0.09 0.10 0.10 0.16 1.45 3.20 1.43 7.17 0.06 0.08 0.06 0.06 0.61 0.66 0.66 0.66 2.80 3.05 2.80 3.00 0.03 0.03 0.03 0.25 0.36 0.70 0.36 0.56 0.52 0.55 0.55 0.55 0.13 0.24 0.18 0.71 0.01 0.12 0.01 0.01 0.15 0.26 0.16 0.27 0.03 0.03 0.03 0.12 0.15 0.34 0.30 0.30 0.75 1.00 0.75 0.90 0.03 0.03 0.03 0.04 0.02 0.03 0.02 0.07 0.01 0.01 0.01 0.03 0.03 0.03 0.03 0.07 0.02 0.03 0.03 0.05 0.19 0.25 0.25 0.30 ... ... 0.01 0.16 0.18 0.18 0.33 ... 0.01 0.01 0.05 0.05 0.05 0.12 0.80 0.85 0.80 1.52 0.09 0.10 0.10 0.11

LOW

STOCK

0.05

Falcon Gold Fire River Gol First Idaho GAR Limited Gentor Res GFM Res Global Cobalt Global Cop Grp God’s Lake Res Goldbank Mng Goldex Res Goldstream Mnl GoldTrain Res Granite Ck Gld Graniz Mondal Gravis Energy Greatbanks Res Green Arrow Green Valley M Greenshield Ex Grenville Gold Grosvenor Res Hadley Mng Highvista Gold Hunt Mng Icon Explor IGC Res Indigo Expl Inomin Mines Interconnect Intl Bethl Mng Intl Corona Iron South Mng Jazz Res JDF Explor Inc Jiulian Res Jubilee Gold Kenna Res Kermode Res Kingsmen Res Kitrinor Mtls Legend Gold Lions Bay Cap Lithion Energy Maccabi Vent MAG Silver* Mainstream Mnl Mammoth Res Masuparia Gold Match Capital McChip Res Mega Copper Micrex Dev Midasco Cap Midnight Star MillenMin Vent Millstream Min Milner Con Slv Mineral Hill Minsud Res Miramont Res Mkango Res Moag Copper Montana Gold Montego Res Morgan Res Morro Bay Mountain Lake Navis Res Corp Navy Res Network Expl New Destiny Mg New Klondike Newstrike Res Nickel North Niocan Inc North Am Ptash North Am Tung Northn Empire NQ Explor

0.03 0.01 0.10 0.04 0.16 0.12 0.02 0.03 0.01 0.03 0.01 0.02 0.75 0.04 0.05 0.08 0.05 0.01 0.14 0.01 0.01 0.06 0.02 0.03 0.01 0.01 0.02 0.05 0.01 0.04 0.03 0.01 0.01 0.08 0.13 0.08 0.04 0.18 0.03 0.12 0.05 0.02 0.01 0.08 0.01 0.03 0.01 0.01 0.38 0.08 0.98 0.01 0.45 1.75 0.03 0.27 0.19 0.08 0.01 0.11 0.03 0.09 0.30 0.02 0.02 0.01 0.03 0.02 0.07 0.14 0.03 0.40 0.01

12-MONTH

EXC BID ASK LAST HIGH LOW

V V V C V V V V C V V V C V V C V V V V V V C V V V V V V V V V V V C V V V V V V V V V C X V V V V V V V V C V V V V V C V C C C V V C C V V V V V V V V V V V

0.05 0.05 0.05 0.20 0.03 0.07 0.09 0.75 0.08 ... 0.08 0.14 0.07 0.10 0.09 0.13 0.02 0.03 0.03 0.03 0.02 0.09 0.02 0.02 0.02 0.02 0.02 0.08 0.07 0.08 0.08 0.11 0.03 ... 0.03 0.03 0.07 0.09 0.07 0.16 0.79 0.89 0.85 1.04 0.07 0.10 0.07 0.40 0.03 0.37 0.06 0.25 0.04 0.05 0.04 0.08 0.02 0.03 0.02 0.05 ... 0.03 0.01 0.01 0.03 0.05 0.03 0.04 0.05 0.04 0.05 0.04 0.05 0.04 0.27 0.06 0.10 0.06 0.08 0.10 0.13 0.10 0.18 0.21 0.38 0.21 0.35 0.95 0.98 0.95 1.08 ... 0.16 0.17 0.16 0.20 0.16 0.40 0.03 0.05 0.06 0.06 0.01 0.02 0.01 0.02 0.04 0.05 0.04 0.05 0.06 0.07 0.06 0.10 0.07 0.12 0.07 0.14 0.03 0.04 0.04 0.06 0.08 0.09 0.08 0.17 0.24 0.27 0.24 0.28 0.07 0.11 0.07 0.25 0.01 ... 0.01 0.01 0.04 0.05 0.04 0.05 0.43 0.69 0.50 0.75 0.13 0.16 0.15 0.27 0.01 0.02 0.01 0.04 0.14 0.18 0.14 0.20 0.16 0.21 0.16 0.30 0.02 0.03 0.03 0.07 0.04 0.10 0.04 0.04 ... ... 0.10 0.18 0.05 0.07 0.05 0.10 12.52 13.30 12.52 14.40 ... 0.01 0.01 0.08 0.10 0.08 0.20 0.05 0.07 0.05 0.09 0.01 0.04 0.04 0.04 0.50 0.65 0.60 0.77 0.15 0.27 0.15 0.30 0.02 0.03 0.02 0.03 0.07 0.10 0.07 0.15 0.14 0.18 0.14 0.19 0.05 0.07 0.05 0.14 0.04 0.06 0.04 0.13 0.04 0.04 0.04 0.07 0.23 0.25 0.24 0.35 0.09 0.99 0.09 0.10 0.21 0.30 0.21 0.25 0.06 0.07 0.06 0.11 ... ... 0.08 0.09 0.10 0.10 0.10 0.21 0.31 0.32 1.60 0.02 0.03 0.02 0.07 0.11 0.15 0.15 0.25 ... 0.01 0.01 0.01 0.03 0.01 0.03 0.13 9.65 0.09 0.30 0.17 0.23 0.17 0.20 0.22 0.22 0.32 0.01 0.01 0.01 0.15 0.18 0.15 0.19 0.03 0.04 0.04 0.06 0.11 0.28 0.09 0.15 0.05 0.08 0.04 0.15 ... 0.01 0.01 0.02 0.17 0.18 0.18 0.27 0.01 0.02 0.02 0.04

0.04 0.03 0.05 0.01 0.01 0.02 0.01 0.04 0.02 0.06 0.35 0.05 0.05 0.01 0.01 0.01 0.03 0.05 0.03 0.07 0.18 0.06 0.10 0.01 0.01 0.02 0.05 0.06 0.02 0.04 0.04 0.06 0.01 0.02 0.33 0.14 0.01 0.08 0.05 0.02 0.01 0.03 0.04 6.12 0.02 0.03 0.01 0.44 0.02 0.01 0.05 0.06 0.02 0.04 0.02 0.16 0.03 0.20 0.05 0.02 0.10 0.01 0.05 0.01 0.09 0.08 0.04 0.01 0.05 0.03 0.01 0.11 0.01

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0.05 0.30 0.06 0.07 0.15 0.18 0.15 0.25 0.36 0.40 0.40 0.46 0.02 0.03 0.03 0.12 0.18 0.15 0.50 0.01 0.02 0.01 0.02 0.03 0.07 0.03 0.03 0.06 0.08 0.06 0.09 0.06 0.07 0.07 0.07 0.08 0.09 0.09 0.17 0.09 0.09 0.10 0.18 0.06 0.08 0.08 0.15 ... 0.01 0.01 0.19 0.20 0.21 0.21 0.04 0.04 0.04 0.08 0.04 0.05 0.05 0.12 0.01 0.02 0.01 0.03 0.75 0.79 0.79 0.81 0.05 0.06 0.05 0.12 0.12 0.15 0.14 0.15 0.11 0.16 0.15 0.89 0.05 0.10 0.05 0.09 0.01 0.09 0.09 0.11 0.01 0.02 0.01 0.27 0.02 0.03 0.03 0.10 0.18 0.48 0.21 0.30 0.11 0.15 0.11 0.13 0.20 ... 0.20 0.20 0.02 0.25 0.02 0.03 0.07 0.08 0.08 0.11 0.06 0.07 0.06 0.13 0.21 0.23 0.20 0.20 0.20 0.21 0.20 0.40 0.16 0.18 0.16 0.68 ... ... 0.03 1.35 0.03 0.03 0.03 0.04 0.03 0.03 0.03 0.08 0.32 0.39 0.32 0.75 0.02 0.03 0.02 0.05 0.36 0.57 0.36 0.54 0.08 0.09 0.09 0.16 0.57 0.59 0.57 0.61 0.02 0.02 0.02 0.05 0.03 0.20 0.20 0.25 ... ... 4.64 7.69 0.01 0.01 0.01 0.07 0.12 0.13 0.12 0.16 0.20 0.35 0.20 0.25 0.02 0.02 0.02 0.05 0.06 0.09 0.06 0.19 0.08 0.10 0.09 0.17 0.07 ... 0.07 0.17 0.03 0.03 0.03 0.08 0.04 0.05 0.05 0.11 0.01 0.05 0.01 0.05 0.08 0.15 0.08 0.16 0.05 0.06 0.06 0.08 0.01 0.02 0.02 0.02 0.09 0.10 0.10 0.20 0.03 0.04 0.04 0.10 0.09 0.10 0.10 0.20 0.08 0.21 0.08 0.10 0.37 0.67 0.35 0.85 0.05 0.05 0.05 0.09 0.04 0.12 0.04 0.07 0.09 0.15 0.09 0.11 0.03 0.05 0.03 0.05 0.01 0.02 0.02 0.03 ... 0.01 0.01 0.40 ... 0.45 0.13 0.15 0.13 0.35 0.27 0.45 0.27 0.30 0.02 0.03 0.03 0.05 0.07 0.20 0.07 0.10 0.03 0.04 0.03 0.09 0.25 0.35 0.25 0.36 0.03 0.07 0.04 0.06 0.07 0.15 0.15 0.43 0.05 0.07 0.05 0.08

0.05 0.06 0.04 0.05 0.01 0.01 0.01 0.05 0.02 0.07 0.06 0.17 0.03 0.04 0.01 0.03 0.05 0.10 0.06 0.01 0.01 0.07 0.02 0.11 0.03 0.10 0.01 0.01 0.04 0.08 0.12 0.16 0.03 0.02 0.02 0.10 0.01 0.26 0.08 0.07 0.01 0.03 1.66 0.01 0.06 0.13 0.02 0.06 0.07 0.04 0.02 0.04 0.01 0.02 0.03 0.01 0.08 0.03 0.02 0.08 0.05 0.03 0.03 0.06 0.01 0.01 0.05 0.09 0.02 0.05 0.03 0.12 0.01 0.01 0.01

2017-05-23 8:19 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / MAY 29–JUNE 11, 2017

Arizona Mining’s Taylor zinc-lead-silver project, 80 km southeast of Tucson, Arizona. ARIZONA MINING

South32 takes 15% stake in Arizona Mining ZINC-LEAD-SILVER

| Investment seen as strong endorsement of junior’s assets “WE’VE HAD QUITE A BIT OF INTEREST FROM SOME OF THE MORE ESTABLISHED COMPANIES.”

BY TRISH SAYWELL

tsaywell@northernminer.com

outh32 (LON: S32) is acquiring a 15% stake in Arizona Mining (TSX: AZ) at a 30% premium to the junior’s share price in a move analysts say is a ringing endorsement of the company and its Taylor zinc-lead-silver sulphide deposit, 80 km southeast of Tucson, Arizona. The globally diversified metals and mining company has signed a binding private placement agreement with Arizona Mining for 45 million common shares in the company at a price of $2.45 per share for gross proceeds of $110.3 million (US$81 million). South32 also gets a seat on the board and a pre-emptive right to participate in future equity financings to keep its 15% ownership. Arizona Mining will use the funds to advance its Taylor deposit to the feasibility and permitting stage, and add drill rigs to test new targets at the property, including the Taylor Deeps zone and the Trench Vein system. The Taylor deposit and surrounding targets are part of the company’s Hermosa project. Don Taylor, Arizona Mining’s chief operating officer and the geologist who led the team that discovered the sulphide deposit at Taylor, says many companies have looked at the project since 2015, but South32 is a “preferred stakeholder,” and has many of the skills the company will need to develop the project. “We’ve had quite a bit of interest from some of the more established companies,” he says. “It’s a great resource and it’s a commodity mix that’s pretty hot right now, in terms of zinc and silver-lead. South32 has shown more interest than many of the other groups.” Taylor notes that South32 understands the zinc-lead-silver business very well and has gained a lot of experience at its own Cannington underground mine in Australia, one of the world’s largest silver and lead producers. He also notes that South32, the world’s largest publicly listed man-

1-16, 23_MAY29_Main .indd 23

DON TAYLOR CHIEF OPERATING OFFICER, ARIZONA MINING

Drill core from Arizona Mining’s Taylor project. ARIZONA MINING

ganese producer, is interested in Arizona Mining’s other deposit on the Hermosa property, called Central, a silver-manganese manto oxide project updip from Taylor. “There is no value currently put on that deposit when you look at the share price today, but it’s something [South32] is keenly aware of ... [they] have their eye on that ball.” Central has a measured and indicated resource of 181.7 million short tons (164.8 million tonnes) grading 1.3 oz. per ton silver (36.85 grams silver per tonne) and 3.1% manganese, and an inferred resource of 45.2 million short tons (50 million tonnes) grading 1 oz. per ton silver (28.35 grams silver per tonne) and 1.8% manganese. Some of the proceeds from the private placement will be used for Central. The company is revising the process flow sheet for the oxide deposit, and plans to run a pilot-scale test on that new process flow sheet in the mid- to latter part of this year. Taylor describes the deal with South32 as “wonderful.” “First, they are miners, and bring a lot of skills to the table, from the commercial aspects of buying and selling of concentrates, as well as the experience they bring on the manganese side. At some point we will develop the Central deposit, and South32 has a lot of background and experience to help us understand those markets and associated products.” Last month, Arizona Mining completed a preliminary economic assessment of the Taylor sulphide deposit, which envisions an underground mine with initial production

beginning in 2020 and ramping up to 10,000 tonnes per day in 2023. Based on a 19-year mine life, the study outlines an after-tax net present value of US$1.3 billion at an 8% discount rate, a 42% internal rate of return and a 1.7-year payback period. The Taylor deposit contains measured and indicated resources of 72.5 million short tons (65.7 million tonnes) grading 4.3% zinc, 4.4% lead, 1.7 oz. per ton silver (48.19 grams silver per tonne) and 0.1% copper, based on a 4% zincequivalent cut-off grade. Inferred resources add 38.6 million short tons (35.05 million tonnes) grading 4.4% zinc, 4.2% lead, 3.1 oz. per ton silver (87.88 grams silver per tonne) and 0.1% copper. What led to the discovery of the main zone at Taylor in 2015 was a re-interpretation of the geology combined with the alteration halo, or alteration minerals, Don Taylor says. Also supporting the re-interpretation was the magnetic data from a geophysical survey flown in 2012. “This data highlighted an area that just said ‘drill here,’ and we did,” Taylor says. “And all five holes encountered significant intercepts of massive sulphide zinc-lead-silver. “It was pretty special — it was an exciting time,” Taylor adds. “It was a time when money was tight and our chairman, Richard Warke, stepped up with his own money and put pressure on us to deliver.” The company has focused on the Taylor sulphide zone for mine-planning purposes, but also recognizes the potential of both the Trench Vein System and the Taylor Deeps zone at the Hermosa project. Now

that it has completed the PEA on Taylor, it plans to turn its attention to these zones to determine their size and extent. The company has an aggressive program for the rest of the year, including more exploration and permitting work. One of the main exploration targets is a series of high-angled veins that were mined historically in the district. On the Trench property, some veins can be traced for a mile (1.6 km) along strike, Taylor says, and the company has intersected them in its drilling to depths in excess of 3,500 feet (1,067 metres). Most of the drilling has been vertical, making it hard for the company to evaluate the near-vertical veins, Taylor says. Now the company has three drill rigs that will evaluate the veins by drilling low-angle holes. “Some of the veins are significant, with thicknesses over 50 feet (15 metres) and very good zinc-lead-silver grades,” he says. “It is important to evaluate these veins, as they extend to the surface and could have an impact on the early mine plan.” The other exploration target is Taylor Deeps, a zone discovered earlier this year. Taylor Deeps is interpreted as a mineralized carbonates zone below a sequence of older volcanic rocks and a thrust fault that separates it from current sulphide resources. The latest batch of assay results from Taylor Deeps include those from hole 435, an angled hole (-82 degrees), which intersected a robust mineralized sulphide interval and extended the zone 457 metres east. The hole cut 18.6 metres at 16.5%

zinc, 13.8% lead and 9.84 oz. silver per ton, including a 9.5-metre zone that returned 27.3% zinc, 22.4% lead and 14.85 oz. silver per ton. “We’ve just announced a series of drill holes from this zone that had outstanding grades and have significantly expanded the footprint of the nearly horizontal zone,” Taylor says. “The recent drilling has more than doubled the footprint of the Deeps used to calculate the resource.” Alex Terentiew, an analyst in Toronto who covers Arizona Mining at BMO Capital Markets, says South32’s backing “gives a strong endorsement by the global diversified miner, reflecting the potential of one of the very few early-stage, large and highly prospective zinc deposits in the world, and provides Arizona Mining with an experienced strategic partner.” After announcing the deal, Terentiew raised his target price on Arizona Mining to $4 per share from $3.75. News of the investment sent the junior’s shares up 12.7%, or 24¢, to $2.13 per share. The junior has traded in a 52week range of $1.08 per share (May 4, 2016) and $3.49 per share (Dec. 7, 2016). For its part, the investment “continues South32’s strategy of fostering project generation through investing in junior mining and exploration companies, although this is the most cash deployed to date,” says Londonbased analyst Edward Sterck, who covers the company for BMO. Last month, South32 signed an option agreement to form a fifty-fifty joint venture with Trilogy Metals (TSX: TMQ; NYSE: TMQ) on the junior’s Alaskan assets, known collectively as the Upper Kobuk mineral projects. Last year, South32 signed an option agreement to form a fifty-fifty joint venture with Northern Shield Resources (TSXV: NRN) on the junior’s Huckleberry copper-nickelplatinum group metals project, in the Labrador Trough of northern Quebec. TNM

2017-05-23 9:15 PM

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2017-05-19 12:14 PM